The Lotus F1 Team where were sold to Groupe Renault just before Christmas cost the French manufacturer just one pound according accounts from the company.

By completing their takeover of the Enstone outfit Renault now become the third full works Formula One team alongside the Mercedes AMG PETRONAS F1 Team and Scuderia Ferrari. The Renault F1 Team will also have a budget to make them competitive in 2016 with the board having signed off on a substantial budget for the new season.

Renault will announce further details of their Formula One team at an event in Paris next month prior to the start of winter testing towards  the end of February.

Renault have also confirmed that they  will field Jolyon Palmer and Pastor Maldonado for the upcoming season.

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