PARIS/LONDON — French car maker Renault Monday announced it would buy a majority stake in the Lotus Formula One motor racing team, allowing the financially stretched outfit to stave off the threat of administration in a London court. Lotus is facing legal action from HMRC, Britain's tax authority, over unpaid taxes and was pinning its hopes on a buyout by former owner Renault to start sorting out its crippling debt and cash flow problems. The High Court in London had given Lotus until Monday to make a deal with Renault that could potentially satisfy creditors, or face administration. At a hearing Monday morning, lawyers for Renault and Lotus said a deal had been concluded overnight and they asked for an adjournment until Dec. 7 to allow time to finalize the transaction and deal with pressing issues. — Reuters
