07/12/2015
NEWS STORY
In the High Court in London this morning, Mr Justice Birss adjourned the outstanding case against the Lotus F1 team until 21 December, after being told that Renault's buy-out of the team will be finalised five days earlier.
We are in a different territory now," insisted a lawyer for Lotus, referring to the fact that after months of promises and speculation the takeover was now (almost) a reality.
"You got away with it, or rather, it has been got away with," said Justice Birss, after hearing that none of the creditors, which include Her Majesty's Revenue and Customs, object to the latest adjournment.
On Thursday, over two months since announcing that a Letter of Intent had been signed, Renault announced that it would be returning to the F1 grid - as a team - in 2016.
The news came days after the end of a difficult season which the team did well to survive, at the end relying on advances of its prize money from Bernie Ecclestone.
Previously, the team had seen its cars impounded, been denied access to paddock hospitality and even had its tyres withheld as bills went unpaid.
Speaking after today's hearing, chief executive Matthew Carter, insisted that all is well and all that remains id for Is to be dotted and Ts crossed.
"It's the 16th for the share purchase agreement (SPA) and they (Renault) are agreeing to pay all the creditors by the 31st," he told Reuters. "So I guess when we come back on the 21st it will be to ensure that the SPA has been signed.
"It's been an interesting process all the way through but we are where we are," he added.