By Pete Gill

"I have decided that Renault will be in Formula 1. Our ambition is to win even if it will take some time," says Renault chief Carlos Ghosn

Renault have confirmed they will be taking over the Lotus team and making a full comeback to F1 as their own 'works' outfit. The French manufacturer will return to the sport as a full works team for the first time since selling the same team to Genii Capital in 2010.

"Our ambition is to win even if it will take some time," said Renault chairman Carlos Ghosn.

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