Renault Could Lose F1 Team to Lithuanian Bank

Lithuania doesn't have a future in motor racing – as a matter of fact, it doesn't have a present or a past – but it soon might gain control over a Formula One team through leading national bank Bankas Snoras.

According to a report issued by the Evening Standard, the Enstone-based Renault F1 team made a huge load from the Lithuanian bank in the late stages of last season, in order to fill the gap left by losing sponsors Mutua Madrilena, Pepe Jeans and Dutch bank ING.

All those backers left the Renault boat during the famous crash-gate, when the team itself was almost disqualified and thrown out of the series by the International Automobile Federation (FIA). The aforementioned report did not state the exact sum of money borrowed from AB Snoras, neither it revealed the limit date for the loan to be repaid, but it warned that Renault F1 Team needs to pay up or else become an AB Snoras asset.

“It's not known when the loan has to be repaid by but it is clear that if the team fails to repay, Snoras could call in its security and take control of it,” said the newspaper, according to the GMM news agency.

After the 2009 season of Formula One, the majority pack of the team was purchased by Luxembourg's Genii Capital. A few months later, it was rumored – never confirmed though – that Gerard Lopez' company made a multi-million euro loan from Renault in order to ensure a decent financial package for the 2010 season.