PARIS (AP) -- Renault's return to Formula One looks imminent after the French manufacturer announced plans to buy a controlling stake in the debt-laden Lotus team.
Renault said in a statement on Monday that it had signed a letter of intent "regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd."
Renault, which has been in talks to buy Lotus for several months, added it hopes a permanent deal will be finalized "in the coming weeks."
Renault's announcement came as Lotus officials were due in court on Monday over unpaid taxes.
Renault withdrew from team ownership after the 2008 season and has since served as a successful engine supplier, helping Red Bull win four successive championships