Date: 4th December 2015 at 11:24am
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French car maker Renault have confirmed their return as a fully fledged manufacturer after a takeover of the Lotus team.

Before the Formula One Russian Grand Prix Renault signed a letter of intent to buy back a controlling stake in the Lotus F1 team.

Rumours had been flying around the paddock for a number of months with an array of reports regarding the details of the proposed deal.

But the deal took its time to get over the line but confirmation came on Thursday.

‘We had two options: come back 100% or leave. After a detailed study, I decided Renault will be in F1 from 2016.’ Renault Chairman Carlos Ghosn told the BBC.

‘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.’

What Ghosn refers too could be in reference to heritage payments, something that other teams like Ferrari receive.

Whilst Renault cannot boast the history and prestige within Formula One that Ferrari can, Renault’s history in Formula One cannot be contested.

The French side have a long and illustrious history with Formula One, making their debut in 1977, winning their first race at the 1979 France Grand Prix with Jean-Pierre Jabouille.

As an engine supplier they have won nine Formula One Drivers titles, 1992 Nigel Mansell (Williams), 1993 Alain Prost (Williams), 1995 Michael Schumacher (Benetton) , 1996 Damon Hill (Williams), 1997 Jacques Villeneuve (Williams) and 2010-2013 Sebastian Vettel (Red Bull Racing).

They have also taken ten Formula One World Constructors’ Championships (1992?1997 and 2010?2013) for Benetton, Williams and Red Bull Racing.

As a manufacturer they have also won the Formula One World Drivers Championship with Fernando Alonso in 2005 and 2006 and also won back-to-back Formula One World Constructors titles.

Renault power has won over 160 Grand Prix, ranking third in Formula One history.

Renault also reference the benefits of being a manufacturer over an engine supplier.

A company statement read: ‘As a full team, Renault will take maximum benefit from its victories. The payback as an engine supplier proved to be limited.

‘The return on the investment necessitated by the new engine regulations and the return in terms of image were low.’