Renault paid just £1 to take over the Lotus Formula 1 team when the deal was finalised just before Christmas, company accounts have revealed. Delivering an indication of just how keen the previous owners were to find new funding and an investor who could pay off past debts, only a token payment was necessary to finalise the deal. Accounts also confirm that Genii Capital and its affiliate Gravity Motorsports have retained 10% ownership of the restructured organisation, and waived £98.2m of shareholder loans to the team. The purchase was a complicated arrangement that involved Genii first purchasing 6,744,444 shares from Whiterock Alliance Ltd, to add to the 60,700,000 it already had....
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