Renault sign letter of intent to buy controlling stake in Lotus

Renault have announced that a letter of intent has been signed to purchase a controlling stake in Lotus.

Following talks with the Formula 1 team's owners Genii Capital, Renault are expected to return to the sport as a full works team.

Lotus have been dogged by financial issues over the past year or so, and had their case over an unpaid tax bill adjourned until December 7.

According to Sky Sports News, Alain Prost, who won the world title four times in his career, will be handed a senior role in the new Renault team.

The manufacturers have owned Lotus before - between 2002 and 2009.