Renault to announce team details in February

Renault is not yet ready to announce all the details of its return to full works team status in formula one.

But the deal has at least now been officially done, with the French carmaker and the Enstone team Lotus announcing in a joint statement that the buyout deal was completed last Friday.

The news follows the appeasing of an insolvency judge in London on Monday, with Renault to now pay back all of Lotus’ piling debts of 2015 within days.

"The technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February," the Renault statement said.

But some key details are yet to be announced.

Renault says Jerome Stoll and Cyril Abiteboul will be part of the new team, but not yet confirmed is that Frederic Vasseur will arrive as boss and what precise role Alain Prost will take.

There is also some uncertainty about Pastor Maldonado and Jolyon Palmer, as Renault has not yet stated officially that Lotus’ contracted 2016 drivers will actually race.

"The new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February," Renault said.