Bernie Ecclestone has admitted he was involved with the solution that means Renault is returning to F1 next year as a full works team.<\/p>\n
The French carmaker signed a letter of intent to buy back its former Enstone based team from Lotus back in December.<\/p>\n
But the deal stumbled over whether Renault would be granted full Mercedes and Ferrari-like ‘historic’ status in terms of bonus income payments from the Ecclestone-led commercial rights holder.<\/p>\n
Renault, however, finally announced late on Thursday that the deal is done.<\/p>\n
“Particular attention was paid to competing successfully with its (Renault’s) own team in a financially sound way starting in 2016,” Renault CEO Carlos Ghosn said of the talks.<\/p>\n
“Renault had two options: to come back at 100 per cent or leave.\u00a0 After a detailed study, I have decided that Renault will be in formula one, starting 2016.<\/p>\n
“The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge,” he added.<\/p>\n
It is believed no fewer than four meetings between Ecclestone and Groupe Renault marketing executive Jerome Stoll took place at the Abu Dhabi season finale last weekend.<\/p>\n
Ecclestone confirmed to the German business newspaper Handelsblatt: “We came up with some solutions for them (Renault).”<\/p>\n
The Renault statement concluded: “Work continues on finalising the terms of the acquisition of Lotus in the shortest timeframe possible.”<\/p>\n
\u00a9 RIF | GMM<\/p>\n","protected":false},"excerpt":{"rendered":"
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