Lotus driver Romain Grosjean of France leads teammate Pastor Maldonado of Venezuela during the Formula One Japanese Grand Prix at the Suzuka circuit. AFP PHOTO / TOSHIFUMI KITAMURA
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French carmaker Renault Monday announced it would buy a majority stake in the Lotus Formula One motor racing team, allowing the financially stretched outfit to stave off the threat of administration in a London court.Lotus was given until Monday to make a deal with Renault that could potentially satisfy creditors, or face administration.At a hearing Monday morning, lawyers for Renault and Lotus said a deal had been concluded overnight and they asked for an adjournment until Dec. 7 to allow time to finalize the transaction and deal with pressing issues.Renault announced that it had signed a letter of intent on the potential acquisition of a controlling stake in Lotus with Gravity Motorsports S.a.r.l., an affiliate of Genii Capital, the Luxembourg-based firm that owns the Formula One team.
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