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

Verstappen turns 17 and gets F1 drive (Tuesday September 30 2014)

Mercedes identify Rosberg fault (Tuesday September 30 2014)

Who will win in Japan? (Monday September 29 2014)

Button hints at new deal (Thursday September 25 2014)

No imminent announcement for McLaren (Wednesday September 24 2014)

Magnussen denies burns (Tuesday September 23 2014)

Red Bull not giving up on long shot (Tuesday September 23 2014)

Singapore swings in Hamilton's favour (Monday September 22 2014)

Will reliability decide the F1 title? (Monday September 22 2014)

Blog: Singapore GP Report (Monday September 22 2014)

2014 - Singapore - Race (Sunday September 21 2014)

Blog: Singapore Qualifying (Sunday September 21 2014)

2014 - Singapore - Qualifying (Saturday September 20 2014)

2014 - Singapore - FP3 (Saturday September 20 2014)

2014 - Singapore - FP2 (Friday September 19 2014)

2014 - Singapore - FP1 (Friday September 19 2014)

Alonso angered by Italian rumour mill (Friday September 19 2014)

Massa & Chilton raise radio ban concerns (Friday September 19 2014)

Renault aiming to optimise performance (Thursday September 18 2014)

Rosberg & Hamilton hope to gain advantage (Thursday September 18 2014)

FIA clarify new radio rules (Wednesday September 17 2014)

Lotus finances improving (Wednesday September 17 2014)

Williams want to become title contenders (Tuesday September 16 2014)

Prodromou completes McLaren switch (Tuesday September 16 2014)

Radio ban not clear says Mercedes (Monday September 15 2014)

Who will win the Singapore Grand Prix? (Monday September 15 2014)

F1 radio clamp down (Friday September 12 2014)

Massa needed podium finish (Thursday September 11 2014)

Button enjoyed Perez battle (Thursday September 11 2014)

Schumacher returns home (Wednesday September 10 2014)

Di Montezemolo steps down (Wednesday September 10 2014)

Di Montezemolo criticised by Fiat boss (Tuesday September 9 2014)

Albers quits Caterham (Tuesday September 9 2014)

Williams maximise performance (Monday September 8 2014)

Hamilton deserved victory says Rosberg (Monday September 8 2014)

Blog: Italian GP Report (Monday September 8 2014)

2014 - Italy - Race (Sunday September 7 2014)

Blog: Monza Qualifying (Saturday September 6 2014)

2014 - Italy - Qualifying (Saturday September 6 2014)

2014 - Italy - FP3 (Saturday September 6 2014)

2014 - Italy - FP2 (Friday September 5 2014)

2014 - Italy - FP1 (Friday September 5 2014)

Speculation bores Vettel (Friday September 5 2014)

Could Mercedes drop Rosberg or Hamilton (Friday September 5 2014)

Hass seal Ferrari deal (Thursday September 4 2014)

Renault join calls for engine freeze lift (Wednesday September 3 2014)

Ferrari frustration for Fernando (Wednesday September 3 2014)

Hamilton will not give up (Tuesday September 2 2014)

Who will win the Italian Grand Prix? (Tuesday September 2 2014)

Rosberg finally takes responsibility (Monday September 1 2014)

Ferrari boss attempts to buy time (Monday September 1 2014)

Williams must improve (Friday August 29 2014)

Ricciardo is a championship contender (Wednesday August 27 2014)

Rosberg refuses to comment (Tuesday August 26 2014)

Blog: Belgian GP Report (Tuesday August 26 2014)

Crash was deliberate claims Hamilton (Monday August 25 2014)

Finger of blame pointed at Rosberg (Monday August 25 2014)

2014 - Belgium - Race (Sunday August 24 2014)

Blog: Spa Qualifying (Sunday August 24 2014)

2014 - Belgium - Qualifying (Saturday August 23 2014)

2014 - Belgium - FP3 (Saturday August 23 2014)

2014 - Belgium - FP2 (Friday August 22 2014)

2014 - Belgium - FP1 (Friday August 22 2014)

Chilton to race in Spa (Friday August 22 2014)

Russia is ready (Thursday August 21 2014)

Kobayashi dropped by Caterham (Thursday August 21 2014)

Ferrari lucky to have 2 great champions (Wednesday August 20 2014)

Introducing Max Verstappen (Tuesday August 19 2014)

2014 Ferrari doesn't suit Kimi (Tuesday August 19 2014)

Who will win the Belgian Grand Prix? (Monday August 18 2014)

New Ground For Mercedes (Monday August 18 2014)

Lowe rejects Newey claim (Friday August 15 2014)

Kimi targets race wins in 2015 (Tuesday August 12 2014)

Grosjean uncertain over future (Monday August 11 2014)

Blog: Time for Bernie to go (Thursday August 7 2014)

Nico didn't get close enough - Wolff (Wednesday August 6 2014)

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. Red5 1022
2. DJ 887
3. The Fear 771
4. Villaininthemerde 612
5. johnkelv 569
6. Druss_the_Legend 521
7. Push The Button 440
8. col8 334
9. The Intimidator 149
10. __villa__ 145

Current Site Poll (view all polls)

Who will win the Japanese Grand Prix?
Hamilton 68%
Rosberg 8%
Ricciardo 8%
Vettel 8%
Alonso 0%
Raikkonen 0%
Bottas 8%
Massa 0%
Someone else 0%