Renault have signed a Letter of Intent to purchase a controlling stake in beleaguered Formula One team Lotus.

Lotus have been beset with financial problems with the team facing the threat of administration over unpaid tax, for which they are set to appear in court on Monday.

Talks between the two parties are thought to have been ongoing for several months with Lotus chief executive officer Matthew Carter saying on Saturday that a deal was close to completion.

And Renault are now a step closer to having a factory operation on the grid next season for the first time since 2010 after stating their intention to strike a deal with Lotus owners Genii Capital.

"Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital S.A., are pleased to announce the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd," read a joint statement from Renault and Lotus.

"The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world's premier motorsport championship series.

"Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties."