Groupe Renault has completed acquisition of a controlling shareholding in Lotus F1 Team Limited.

The new team name, full management structure, team partners and other details will be announced during an event in Paris in February, the automaker said.

In the interim, a new board of directors has been appointed, with Jérôme Stoll as chairman and Cyril Abiteboul as managing director.  

Following the signing of a letter of intent by Groupe Renault and acquisition partner Gravity Motorsport lst 28 September, the parties entered into the various agreements on 3 December 2015.

"Since then, all parties involved have been working relentlessly to comply with all of the contractual and legal obligations under the agreements to enable the transaction to successfully complete. The technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February," Renault said in a statement.