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Renault to rescue Lotus team?

Following Romain Grosjean's podium finish in Belgium, Lotus should have been celebrating and looking forward to a solid second half of the season.

But uncertainty has remained rife at the Enstone team, so much so that it wasn't clear if they would take part in this weekends Italian Grand Prix.

Former reserve driver Charles Pic took legal action for an alleged breach of contract, this meant that the bailiffs then moved to impound the Formula One cars.

Meanwhile Formula One supremo Bernie Ecclestone has covered the wages of the team, whilst they go through their latest financial problems, which could lead them to an administration hearing in court next week.

'I thought I should cover the wages of the people there to make sure they were all right and so that Lotus would at least get to Spa and, hopefully, to Italy,' Ecclestone told the BBC.

One route out of the current problems could be a takeover by French manufacturer Renault.

'We would welcome them back with open arms obviously,' said Lotus's trackside operations director Alan Permane.

According to reports, Renault have made an offer to Genii Capital to buy back a 65% stake in the team which is valued at around 65million.

The offer is staggered over a 10-year period, but Renault would also put together a sponsorship package which would cover the team's operating budget.

Whilst former four-time Formula One World Champion Alain Prost could also be set to buy a stake in the team, the former team owner could become the new team principal if the takeover is completed.

That would leave current co-owner Genii Capital a 25% stake in the team which is for all intense and purposes funded by Renault and regular payments of around 540,000-a-month.








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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Thursday September 3 2015

Time: 10:03AM

 

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