Renault agree Formula One return with Lotus deal

Renault have completed a deal in principle with Lotus that secures their return to Formula One in 2016 after five years away.

The French constructors have been in talks for several months with Lotus about returning to the sport and signed a Letter of Intent in September.

Lotus " who finished sixth in the constructors' championship in 2015 " have been beset with financial problems in 2015, the team having faced the threat of administration over unpaid tax.

In announcing the deal on Thursday, Renault will have a factory operation competing in F1 for the first time in 2010, and chairman Carlos Ghosn has big plans.

"Renault had two options: to come back at 100 per cent or leave," he said in a statement.

"After a detailed study, I have decided that Renault will be in Formula 1, starting 2016.

"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."