Following months of negotiations, Renault has formally announced their return as a full-fledged Formula 1 constructor beginning in 2016, after a successful takeover of Lotus F1 Team. Renault had signed a Letter of Intent to purchase the financially-beleaguered Lotus team in September, and on Thursday, the French automaker signed the principal contracts to secure their F1 return. “Renault had two options: to come back at 100 percent or leave," said Renault chairman and CEO Carlos Ghosn. "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." Renault's press release from Thursday added: "As a full team, Renault will take maximum benefit from its victories." Renault as a constructor have tallied thirty-five Grand Prix victories in their two stints in the sport, from 1977-1985 and 2002-2011. Fernando Alonso won back-to-back World Drivers' Championships for the team in 2005 and 2006, and led Renault to the World Constructors' Championship in those same seasons. As an engine builder, Renault have claimed 168 Grand Prix wins, twelve Drivers' Championships, and eleven Constructors' Championships - and they introduced the first regularly used turbocharged engine to Formula 1 in 1977. In 2015, they supplied engines to Infiniti Red Bull Racing and Scuderia Toro Rosso, but both teams struggled with a lack of horsepower and reliability throughout most of the season. Renault succeeds the former Lotus F1 Team, who finished sixth in the Constructors' Championship in 2015. Romain Grosjean scored the team's best result this past season - a third place in the Belgian Grand Prix. For 2016, Renault will retain the services of former Grand Prix winner Pastor Maldonado, while 2014 GP2 Series champion Jolyon Palmer is set to make his F1 debut in place of the Haas-bound Grosjean. More information about Renault's return to F1 will be known in January, according to the company's press release.