Renault warns it will take three years to deliver

Renault ended weeks of speculation on Thursday evening by announcing it is taking over the Lotus team to compete under its own name for the first time since 2010.

Lotus finished the 2015 season in sixth place in the standings, but using the powerful Mercedes engine as the Renault power unit struggled with Red Bull and Toro Rosso.

Ghosn is aware that success will take time.

"I think, given how motivated our teams are, it will take three years to be competitive," Ghosn told France's Le Figaro newspaper.

"Incidentally, we will keep developing our role as an engine supplier, though only according to our own team's interest. We are notably talking to Red Bull."

The Renault boss, who admitted pulling out of the sport was also considered, said it did not make sense for the company to stay in F1 just as an engine supplier.

"Being an engine supplier doesn't allow a sufficient return on investment," he added. "The distribution of TV revenues is more favourable now than it was back in 2009.

"We also thought about Renault's history. Renault's name has been linked to Formula 1 for 40 years. We're the second constructor in terms of Formula 1 wins and titles, behind Ferrari and ahead of Mercedes.

"At Renault, we're attached to that competition and I can also tell how people in the world of Formula 1 are attached to Renault, be they from the FIA, FOM or even quite a few rivals of ours."

Renault will announce further details about its F1 programme in January, said Ghosn.

"You need to wait a few weeks. In January 2016, we'll tell you about the organisation, the aims, the drivers, the strategy and the partners," he said.

Lotus has signed Pastor Maldonado and Jolyon Palmer as its drivers for the 2016 season.