French carmakers Renault on Monday confirmed they plan to take over the Lotus team and form a works team for the next Formula One season.
Renault said in a statement they have signed a letter of intent "regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd.
The signature marks Renault's "first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world's premier motorsport championship series."
Renault had their last team until 2011, with Fernando Alonso winning back-to-back world titles in 2005 and 2006.
The Lotus team was created out of the former Renault outfit and is struggling financially.
Renault were engine suppliers as Red Bull claimed four straight constructors' titles between 2010 and 2013 with Sebastian Vettel taking the drivers' honours those years.
However that relationship has soured and Renault and Red Bull Racing will part ways at the end of the 2015 Formula One season.
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