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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.








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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Thursday April 12 2012

Time: 11:00AM

 

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