Following the September announcement of the signing of a Letter of Intent with Lotus F1 Team, French manufacturer Renault has declared its return to Formula One as it finalises its acquisition of the team. Principal contracts have now been signed which will pave the way for Renault to rejoin the grid next year as a full team, with Jolyon Palmer as one of its works drivers.

Renault has supplied engines to Formula One teams in recent years but, after concluding that the payback as an engine supplier was proving to be limited, they decided to increase their involvement in the sport by returning as a full team in 2016, with Lotus F1 Team identified as the best partner to do that with.

Renault has had uninterrupted involvement in Formula 1 for almost 40 years. In 1977, it revolutionised the championship with the introduction of turbocharging, a technique that soon became the norm in the sport. Renault has since taken part in more than 600 grand prix, claiming 168 race wins, 12 Constructors' titles and 11 Drivers' crowns.

Carlos Ghosn, Chairman and CEO of Renault, said: "Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1's main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win--even if it will take some time."

More detailed information about Renault's F1 programme will be provided in January, ahead of the 2016 championship that begins next March.