Guyancourt, France - Renault faces a year of rebuilding in Formula One after taking over the financially struggling Lotus team that was on the brink of collapse.
British rookie driver Jolyon Palmer, winner of the feeder GP2 series in 2014 and son of ex-racer Jonathan Palmer, was the Lotus reserve in 2015 and took part in regular practice sessions at Grands Prix.
Speaking to reporters at the team's official launch on Wednesday, Palmer did not try to put a gloss on the situation.
“It's not going to be an easy year rebuilding from what was Lotus,” he said. “It's impossible to say right now where we are going to be on the grid.
“I've got a back-to-back view with how Lotus was last year. It was very tough. They were struggling to make all the races at the end of the year, trying to get money in from anywhere they could.”
Lotus had its cars impounded by bailiffs after the Belgian Grand Prix and were locked out of the paddock hospitality in Japan due to unpaid bills.
At the season's Abu Dhabi finale, the cars were not allowed into the paddock until payments were forthcoming. Little money was spent on development of the 2015 car, with knock-on consequences for 2016.
Palmer said 2015 had been 'on the limit' until Renault finally bought the team in December.
“There were a lot of times where we turned up and couldn't get in the garage, we didn't have the kit, we had no idea what was going to happen.
“In fairness, we managed to get through all the races which was an achievement considering the money that was being spent or owed at that time. They had to do what they had to do, but it ended up being quite messy.”
Since then,Pastor Maldonado - whose sponsorship from Venezuelan state oil company PDVSA provided a lifeline but has now ended - has departed and been replaced by Kevin Magnussen.
'Crashtor' Maldonado loses F1 drive
Magnussen was dropped by McLaren in October 2015 after a year as a reserve, and replaced Maldonado in a deal that was put together in recent weeks and finalised only on Tuesday.
"This is a huge opportunity," Magnussen told reporters at the Renault Technocentre. "Not many drivers get a second chance and I've been given a second chance and a proper chance.
"Two years out would have been the end. If you are world champion or something, you might be able to come back but in my position, being out for two years would have been the end of my Formula One career.
"This was really make or break. Luckily I made it."
Two years ago, the son of former F1 racer Jan Magnussen seemed destined for a dazzling career with one of the sport's great teams after finishing runner-up in his debut Grand Prix for McLaren in Australia.
No McLaren driver has stood on the podium since then, excluding the high jinks of Fernando Alonso - the man who replaced him in the lineup - and Jenson Button in Brazil last year when they stepped up just for a photograph.
Magnussen batted away a loaded question about whether he was happy to be away from McLaren's Woking factory, saying only that he was pleased to be a part of a new team and his former employer had played no part in the deal.
He felt far more relaxed, however.
"I felt a lot of pressure the first time around with McLaren. I feel pressure now but in a much more positive way. I actually feel more ready," he said.
Winning a race may be a distant dream for a team picking itself up after a tough year fraught with financial difficulties, but Magnussen was optimistic.
"I'm here for this year for sure and the future is open," he added. "My ambition is to be with this team when we start winning.
"I think it's important to be realistic about where we are. It is a completely new set-up. But Renault has done this before. We will take it race by race but push as hard as we can."
Reuters