The shares from the Renault F1 team, which is partially owned by Genii Capital, have been sold to Group Lotus just in time for the 2011 season. This will mean that for this next season, the team will be renamed "Lotus Renault GP." The partnership has been formed for the next seven years, making sure that we will see them in Formula 1 until at least 2017.
Their new car, the Lotus Renault GP F1, will incorporate new technologies from F1 cars into Lotus road cars including hybrid technology, Kinetic Energy Recovery Systems (KERS), aero advancements, and lightweight materials. The benefits of Genii’s part-ownership will be the availability of non-F1 technologies such as lightweight braking systems, variable compression engine technology, and on board software systems.
Group Lotus CEO Dany Bahar said: "I can think of no better platform for automotive brand communications than motorsport and F1. We’re well aware that there has been a lot of controversy around the usage of our brand in F1 and I’m delighted to be able to formally clarify our position: We are Lotus, and we are back."
Press release after the jump.