Rumours that Renault, unsettled and upset at the mounting criticism of their ineffectual engines in the Red Bull and Toro Rosso cars, are on the verge of a Formula One pull-out have gone into spectacular reverse.

Far from a withdrawal, they are all set to delve even deeper into the sport and continue, not only as an engine supplier, but as team owners with a buyout of the historic Lotus set-up founded in 1952.

The grand prix strugglers, stymied by serious cash flow difficulties for the last two seasons and rescued mainly by driver Pastor Maldonado’s multimillion dollar backing by the Venezuelan state oil company PDVSA, have been forced to slash staff levels and impose severe restrictions on resources.

That was reflected last year when the team, once a regular winner, but now an also-ran after nearly 600 grands prix, could manage to scrape together a mere 10 championship points.

But, hopefully, all bad things come to an end, for both involved parties, and they surely will if my information on the takeover comes to fruition, when Renault’s binding commitment to Red Bull and Toro Rosso runs out at this season’s close.

Without actually admitting his company are on the brink of the big spend, managing director Cyril Abiteboul insists they have a clear vision of the future.

“Nothing is done yet, no deals,” he says enigmatically. ”But we are much further down the road and we are much closer to a conclusion and a decision.

“We are clearer on why we want to be in Formula One and also much clearer on the value of the sport and the sort of cost and budget we think we should allow.”

I believe he and his Renault board have held several secret talks with F1 supremo Bernie Ecclestone and outlined their ambitions.

Abiteboul added: “We are clear on the conditions that are required in order to have a successful involvement in F1 — and what we have to do. And what we do not have to do.”

And he revealed: “We will have some news pretty soon on what we will be doing beyond 2016 when our existing arrangements expire.”

Meanwhile Ecclestone, without being specific or even hinting that Lotus are on the edge of a takeover, confirmed to me that a team racing under the Renault banner is on its way — and will benefit from a massive financial boost.

When Renault splash their cash and end the Lotus financial woes, we could well see a welcome revival of a team ready to be winners all over again and have grand prix history repeat itself.

— The writer is a freelance journalist and motorsport expert