6 great sport channels
Football, Rugby, UFC, GAA
All free when you join eir Broadband
Renault is to return to Formula 1 as a full works team after confirming it will go ahead with its purchase of the Lotus F1 team.
The French manufacturer has a long history in Formula 1 but the team withdrew from the sport in 2011 to focus on providing engines.
Following talks between the two parties, Renault took a step closer to a full return to the sport when it signed a letter of intent to buy Lotus in September with principal contracts signed on Wednesday.
"Renault had two options: to come back at 100 per cent or leave. After a detailed study, I have decided that Renault will be in Formula One, starting 2016," chairman and CEO Carlos Ghosn confirmed.
"The final details supplied by F1's main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win -- even if it will take some time."
A statement from the team read: Renault's decision to continue its involvement in Formula One is confirmation that it sees motorsport as an essential part of the brand's identity. Formula One is the ultimate symbol of the passion for automobiles.
"In addition to attracting many customers, Formula One also fuels employee motivation. As the pinnacle of motor sport, Formula One demands technological and operational excellence. The championship serves as a showcase for the technological expertise that Renault dials into its products for the benefit of its customers.
"Formula One is a means for Renault to accelerate development and remain at the forefront of the sport's technological progress. It simultaneously allows Renault to build bridges between the advanced technologies seen in the world championship and its road cars, particularly in the fields of electric and hybrid vehicles.
"Formula One is one of the sports that enjoys the most media coverage worldwide thanks to a following on five continents, particularly in emerging markets. It attracts 450 million television viewers annually and its scope for growth is enormous thanks to opportunities founded on new technologies, social networks, video games, etc. that have yet to be fully exploited."