Renault officially completes Lotus F1 takeover

Renault has officially completed its takeover of the Lotus Formula One team and will return to the sport as a constructor in 2016.

The French automaker said that the new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February.

However, Renault did confirm that Jerome Stoll is the team's chairman and Cyril Abiteboul is the managing director.

Last September 28, 2015, Renault Group and Gravity Motorsport S.a.rl signed a letter of intent in acquiring a potential controlling stake in the British-based team. Then, the parties involved entered into various agreements on December 3, 2015.

Renault added that the technical teams are making good progress to have the 2016 car ready for testing in Barcelona, at the end of February.