The Enstone operation traces its roots to 1981 as Toleman Motorsport, based in Witney, Oxfordshire. In 1986, following the Benetton family's purchase the previous year, the team was renamed Benetton Formula and subsequently relocated to Enstone in 1992 or 1993. Michael Schumacher won the Drivers' Championship with Benetton in both 1994 and 1995, and the team claimed the Constructors' title in 1995 with Johnny Herbert alongside Schumacher.
Renault acquired the Benetton team in 2000 and renamed it Renault F1 Team in 2002. Fernando Alonso won back-to-back Drivers' Championships in 2005 and 2006, with the team also taking the Constructors' Championship both years alongside Giancarlo Fisichella. At the end of 2009, Renault sold a majority stake to Genii Capital. Lotus Cars' involvement from 2011 led the team to be renamed Lotus Renault GP for 2011, and then Lotus F1 Team for 2012. The colloquialism "Team Enstone" is used when referring to the history of the organisation across its various identities.
The Lotus name in Formula One has a separate heritage through Team Lotus, a sister company of Lotus Cars that competed from 1958 to 1994 and won seven constructors' titles and six drivers' titles between 1963 and 1978. The name returned in 2010 via Tony Fernandes's Lotus Racing team, operating under a Group Lotus licence. After that licence was terminated, Fernandes's team rebranded as Caterham F1 Team for 2012, clearing the way for the Enstone team to adopt the Lotus F1 Team name outright.
Kimi Räikkönen's return to Formula One was announced on 29 November 2011, the Finn signing a two-year deal with a third-year option after two seasons in the World Rally Championship. Romain Grosjean, the reigning GP2 Series champion, was confirmed as his teammate on 9 December 2011.
The team opened the season strongly. Grosjean qualified third in Australia but first-lap incidents in Australia and Malaysia cost him points. Räikkönen was the more consistent performer; after only once missing the points all season, he secured seven podiums including the team's first victory at the Abu Dhabi Grand Prix — his first win since returning to Formula One. Räikkönen finished third in the Drivers' Championship and Lotus fourth in the Constructors'.
A significant moment came at the 2012 Belgian Grand Prix, where Grosjean triggered a first-lap multi-car collision at La Source involving Lewis Hamilton, Fernando Alonso, and Sergio Pérez. The incident earned Grosjean a one-race ban for the Italian Grand Prix, where Lotus reserve driver Jérôme d'Ambrosio deputised.
Räikkönen was confirmed for 2013 alongside Grosjean, with the E21 launched on 28 January at Enstone in a black, gold, and red livery featuring more prominent red on the sidepods and wings. Räikkönen won the opening round in Australia from seventh on the grid, giving Lotus the championship lead. He and Grosjean both reached the podium in Bahrain, replicating the top-three result from the previous year.
A proposed deal by the Quantum Motorsports consortium of Mansoor Ijaz to acquire a 35% stake from Genii Capital was announced during the summer but repeatedly delayed and never finalised. Räikkönen underwent back surgery after first-corner contact at the Abu Dhabi round and missed the final two races, with Heikki Kovalainen stepping in as replacement.
Andrew Ruhan, a British property developer who had become co-chairman, converted loans into equity to take effective control from Genii Capital ahead of the 2014 season. Eric Boullier departed as team principal to join McLaren, with Gérard Lopez becoming titular team principal and Federico Gastaldi deputy team principal. Matthew Carter, installed by Ruhan as chief executive, ran the operation with no prior Formula One experience. Romain Grosjean was retained while Pastor Maldonado joined with PDVSA backing. The team dropped to eighth in the Constructors' Championship.
Lotus announced a switch from Renault to Mercedes engines on 5 July 2014, ending a 20-year association with Renault. Grosjean and Maldonado continued, with Jolyon Palmer and Carmen Jordá serving as test and development drivers.
The year was characterised by financial crisis. Pirelli refused to release the team's tyre allocation until less than an hour before the opening Hungaroring session over unpaid bills. After the Belgian Grand Prix, where Grosjean finished third for the team's first podium since the 2013 United States Grand Prix, the Lotus cars were temporarily seized due to a legal dispute with former test driver Charles Pic. In Japan, Lotus was locked out of its hospitality unit over unpaid bills from the previous year.
On 30 September, Renault signed a letter of intent to acquire a controlling stake after Lotus fell behind on income tax and insurance payments to the British Government.
On 21 December 2015, Groupe Renault's repurchase of the Enstone team was officially confirmed, with plans to enter 2016 as the Renault factory team. Jérôme Stoll was appointed chairman and Cyril Abiteboul managing director. The Lotus F1 Team name was officially dropped on 3 February 2016.
The team raced in a black-and-gold livery inspired by Team Lotus's era of John Player Special tobacco sponsorship during the 1970s and 1980s. The sponsorship agreement with Group Lotus was prematurely terminated in April 2012, though the team retained the Lotus name. In March 2013, Honeywell withdrew from a reported €50 million deal. The team ran without a title sponsor for most of the Lotus era, filling space with rotating partners including Interwetten, Hisense, and various brand acknowledgements. Other backers included Total, Trina Solar, Richard Mille, Microsoft Dynamics, Rexona, and Clear. Pastor Maldonado's PDVSA sponsorship and a deal with Burn energy drink were secured for 2013; Saxo Bank joined for 2014.