Vital F1 | Group Lotus clarify F1 position
Vital Login
Social Login

Other Sites

Network Navigation

Vital Partners

'If It's F1, It's Vital'

Group Lotus clarify F1 position

Group Lotus have moved to clarify their current financial position and their commitment to Formula One after a series of rumours involving the group.

Earlier this year Group Lotus changed hands as part of a deal which saw Proton who acquired Lotus back in 1996, sold to Malaysia's DRB-Hicom.

Recent reports suggested that DRB-Hicom could consider some form of administration process to deal with the debts inherited via Lotus, but this has been strongly denied by the group.

A spokesperson for Group Lotus told the BBC: 'Despite various rumours in the media to the contrary, at no point has DRB-Hicom indicated to Group Lotus that they intend to put the company into administration and we welcome the opportunity to put that rumour along with incorrect speculation that production has stopped, that Dany Bahar is no longer CEO and that we are no longer involved in F1 to bed.'

The reports in regards to the groups involvement in Formula One followed the announcement that Group Lotus had terminated their title sponsorship of the Lotus Formula One Team.

The Lotus F1 team are owned by Genii Capital and their owner Gerard Lopez had previously claimed that the recent changes involving Group Lotus had brought an end to the agreement that was in place to see Lotus buy into the Lotus F1 team, but this has also been denied by Group Lotus.

In a statement released to Autosport Magazine, Group Lotus stated: 'The new agreement was reached following Group Lotus owners Proton providing team owners Genii with a 30m loan which is repayable within three years.

'In order to secure the loan Genii used 100 per cent of the F1 team's assets as collateral meaning that under the conditions of the loan agreement Proton have been given full title guarantee to all plant, machinery, show cars, computers, office and the Lotus F1 Team headquarters.

'In addition Proton retains the rights to purchase 10% of the F1 team. Another 10% share option will be activated if the team default on their loan obligations with Proton.'


According to Group Lotus the reshaped commercial relationship between themselves and the Formula One team might see the team without a title sponsor, but Group Lotus remains the teams title partner until at least 2017 and Group Lotus are also the exclusive master licensee for all Lotus F1 Team merchandise.

It would seem that nothing is simple when the words Formula One and Lotus and are placed in the same sentence.








Join Vital F1

It's easy to join up and join in on VitalF1.com, simply click the link and enjoy getting involved!

If you are already a member of Vital Football, your logins will automatically work on VitalF1.com!

The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Thursday April 12 2012

Time: 11:00AM

 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Vital F1 Articles

Blog: Austin Qualifying (Sunday October 22 2017)

2017 United States GP - Qualifying (Sunday October 22 2017)

2017 United States GP - FP3 (Saturday October 21 2017)

2017 United States GP - FP2 (Saturday October 21 2017)

2017 United States GP - FP1 (Friday October 20 2017)

Blog: Austin Preview (Thursday October 19 2017)

Who will win in the USA? (Thursday October 19 2017)

Sauber to make huge step forward in 2018 (Wednesday October 18 2017)

Formula One wants race in Netherlands (Tuesday October 17 2017)

Toro Rosso name fourth driver of 2017 (Monday October 16 2017)

Palmer F1 career ends? (Tuesday October 10 2017)

Blog: Japanese GP Report (Monday October 9 2017)

2017 Japan GP - Race (Sunday October 8 2017)

Blog: Suzuka Qualifying (Saturday October 7 2017)

2017 Japan GP - Qualifying (Saturday October 7 2017)

2017 Japan GP - FP3 (Saturday October 7 2017)

2017 Japan GP - FP2 (Friday October 6 2017)

2017 Japan GP - FP1 (Friday October 6 2017)

Blog: Suzuka Preview (Thursday October 5 2017)

Who will win in Japan? (Tuesday October 3 2017)

More woe for Ferrari (Monday October 2 2017)

2017 Malaysia GP - Race (Sunday October 1 2017)

Blog: Sepang Qualifying (Saturday September 30 2017)

2017 Malaysia GP - Qualifying (Saturday September 30 2017)

2017 Malaysia GP - FP3 (Saturday September 30 2017)

2017 Malaysia GP - FP2 (Friday September 29 2017)

2017 Malaysia GP - FP1 (Friday September 29 2017)

Blog: Sepang Preview (Thursday September 28 2017)

New deals for Mercedes and Force India (Wednesday September 27 2017)

Leclerc lands F1 seat (Tuesday September 26 2017)

Who will win in Malaysia? (Monday September 25 2017)

A messy McLaren Honda divorce (Thursday September 21 2017)

Blog: Singapore GP Report (Monday September 18 2017)

2017 Singapore GP Race (Sunday September 17 2017)

Blog: Singapore Qualifying (Saturday September 16 2017)

2017 Singapore GP - Qualifying (Saturday September 16 2017)

2017 Singapore GP - FP3 (Saturday September 16 2017)

2017 Singapore GP - FP2 (Friday September 15 2017)

2017 Singapore GP - FP1 (Friday September 15 2017)

Red Bull duo looking forward to Singapore (Thursday September 14 2017)

Blog: Singapore Preview (Wednesday September 13 2017)

Who will win in Singapore? (Monday September 11 2017)

Ferrari embarrassed by home soil defeat (Thursday September 7 2017)

2017 Italy GP - Race (Sunday September 3 2017)

Hamilton breaks all-time record (Saturday September 2 2017)

2017 Italy GP - Qualifying (Saturday September 2 2017)

2017 Italy GP - FP3 (Saturday September 2 2017)

2017 Italy GP - FP2 (Friday September 1 2017)

2017 Italy GP - FP1 (Friday September 1 2017)

F1 Musical chairs starts and ends early (Friday September 1 2017)

Blog: Monza Preview (Wednesday August 30 2017)

Who will win in Italy? (Tuesday August 29 2017)

Blog: Belgian GP Report (Monday August 28 2017)

2017 Belgium GP - Race (Sunday August 27 2017)

Blog: Spa Qualifying (Saturday August 26 2017)

2017 Belgium GP - Qualifying (Saturday August 26 2017)

2017 Belgium GP - FP3 (Saturday August 26 2017)

2017 Belgium GP - FP2 (Friday August 25 2017)

2017 Belgium GP - FP1 (Friday August 25 2017)

Kimi gets new Ferrari contract (Thursday August 24 2017)

F1 Prediction Comp open for Belgium (Wednesday August 23 2017)

Who will win in Belgium? (Wednesday August 23 2017)

Blog: Spa Preview (Tuesday August 22 2017)

Is Formula E a threat to Formula One? (Wednesday August 16 2017)

F1 to introduce standardised parts? (Monday August 14 2017)

Sainz fake news (Saturday August 12 2017)

Hungaroring set for revamp (Wednesday August 9 2017)

Drivers mixed on Halo introduction (Monday August 7 2017)

Sauber ditch Honda for Ferrari (Thursday August 3 2017)

Blog: Hungarian GP Report (Wednesday August 2 2017)

2017 Hungarian GP - Race (Sunday July 30 2017)

2017 Hungarian GP - Qualifying (Saturday July 29 2017)

2017 Hungarian GP - FP3 (Saturday July 29 2017)

2017 Hungarian GP - FP2 (Friday July 28 2017)

2017 Hungarian GP - FP1 (Friday July 28 2017)

Halo will debut in F1 in 2018 (Friday July 28 2017)

Blog: Hungaroring Preview (Thursday July 27 2017)

Cosworth to return to Formula One? (Wednesday July 26 2017)

Who will win in Hungary (Monday July 24 2017)

Archived Vital F1 Articles

List All Vital F1 Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. DJ 1177
2. Red5 1125
3. The Fear 773
4. Villaininthemerde 612
5. johnkelv 601
6. Druss_the_Legend 596
7. Push The Button 512
8. col8 334
9. The Intimidator 217
10. VanGisbergen2013 179

Current Site Poll (view all polls)

Who will win in Mexico?
Hamilton 100%
Vettel 0%
Verstappen 0%
Ricciardo 0%
Bottas 0%
Raikkonen 0%
Someone else 0%