Renault takes step toward Lotus stake

FRENCH car maker Renault looks set to return to Formula One sayng it has signed a letter of intent to take a controlling interest in Lotus F1 Team.

RENAULT'S return to Formula One looks imminent after the French manufacturer announced plans to buy a controlling stake in the debt-laden Lotus team.

RENAULT said, in a statement on Monday, it had signed a letter of intent with the owners of the Lotus team "regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd".