Prost to be Renault team principal

Alain Prost

(GMM) Alain Prost is set to become Renault's new team principal, according to intensifying rumors.

When the French carmaker announced its acquisition of Enstone based Lotus, it said Cyril Abiteboul will be managing director, and Jerome Stoll chairman.

"The new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February," Renault added.

Last week, former F1 team owner Gian Carlo Minardi wrote on his website: "On the management of Renault, the rumors seem to point to Alain Prost as team principal."

The Italian added that Prost, the F1 legend and former four-time world champion, is apparently not a team shareholder like Niki Lauda at Mercedes.

Following the acquisition announcement, Renault CEO Carlos Ghosn said of the new works team's structure: "In Formula one, you cannot work with the pace and processes of a large company like Renault.

"It needs a flexible and responsive operation that goes at the speed of the grands prix," he told the French publication Auto Plus.