Date: 24th November 2015 at 11:07am
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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 is taking its time and Lotus have continued to slump from financial problem to financial problem, whilst talks continue to get the deal done.

Key to the takeover are talks between Renault and Formula One supremo Bernie Ecclestone regarding heritage payments.

Renault 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.

Due to this Renault would like to receive heritage payments such as those received by Ferrari, Mercedes, McLaren and Williams.

‘I understand that Renault still have some things they need to clear with Formula 1 and FOM, but as far as we are concerned we are pretty much at a deal now.’ Lotus chairman Gerard Lopez told Sky Sports at last weekends Race Of Champions event at the Olympic Stadium in London.

Lopez also added: ‘It won’t be me finished because they have asked me to stay on, so when the deal happens, I will stay on,’