Lotus Lotus, loses title sponsor to become Lotus.
Discussion
http://www.autosport.com/news/report.php/id/98628
k? 
So it might be Lotus microsoft? or Lotus notes? very bizarre!
said:
Lotus has terminated its title sponsorship deal with sportscar manufacturer Group Lotus, AUTOSPORT can reveal, but remains wholly committed to keeping the famous name in Formula 1 for the future.
On the back of financial uncertainties for Group Lotus, which was recently sold by Proton to Malaysian automotive conglomerate DRB-Hicom, Lotus F1's team owner Genii Capital has ended its formal relationship with the marque.
AUTOSPORT understands that Genii owner Gerard Lopez recently agreed a deal for the title sponsorship deal, which was originally put together in 2010, to be cancelled, as well as an old option that Proton had to buy 50% of the team annulled.
Speaking about the situation, Lopez told AUTOSPORT: "The sponsorship agreement and the obligations of Lotus have been terminated. There is no option from Group Lotus to buy into F1 now - that option was taken over by us. There was one, but we have taken it over now."
Although the end of the Group Lotus sponsorship tie-up means a change of plans for the team, Lopez says that he remains committed to the Lotus name.
"We are happy to carry the Lotus name as we believe it is a good name for F1," he explained. "We funded the team last year and the year before for whatever delta was missing. We would prefer to have sponsors up to the full amount – but if we have to fund it then we will fund it.
"When we changed the name from Lotus Renault to Lotus [for this year], it opened up the door for a title sponsor. So if you take into account the fact we signed Unilever, probably the biggest sponsorship agreement this year in F1, and we signed Microsoft, which is huge news as it is a brand that has never been in F1 before, we have a wide space for sponsorship.
"If we sign a title sponsor now, we will end up with a better cash flow situation than this team ever had before."
Lopez has previously been linked with a potential takeover of Group Lotus, having held talks with Proton before it was recently sold, but he says the situation for him at present is unclear in light of the DRB-Hicom deal.
When asked if he would be interested in buying Group Lotus, Lopez said: "We don't know yet, because we really do not know what the new owner wants to do with it."
What the actual fOn the back of financial uncertainties for Group Lotus, which was recently sold by Proton to Malaysian automotive conglomerate DRB-Hicom, Lotus F1's team owner Genii Capital has ended its formal relationship with the marque.
AUTOSPORT understands that Genii owner Gerard Lopez recently agreed a deal for the title sponsorship deal, which was originally put together in 2010, to be cancelled, as well as an old option that Proton had to buy 50% of the team annulled.
Speaking about the situation, Lopez told AUTOSPORT: "The sponsorship agreement and the obligations of Lotus have been terminated. There is no option from Group Lotus to buy into F1 now - that option was taken over by us. There was one, but we have taken it over now."
Although the end of the Group Lotus sponsorship tie-up means a change of plans for the team, Lopez says that he remains committed to the Lotus name.
"We are happy to carry the Lotus name as we believe it is a good name for F1," he explained. "We funded the team last year and the year before for whatever delta was missing. We would prefer to have sponsors up to the full amount – but if we have to fund it then we will fund it.
"When we changed the name from Lotus Renault to Lotus [for this year], it opened up the door for a title sponsor. So if you take into account the fact we signed Unilever, probably the biggest sponsorship agreement this year in F1, and we signed Microsoft, which is huge news as it is a brand that has never been in F1 before, we have a wide space for sponsorship.
"If we sign a title sponsor now, we will end up with a better cash flow situation than this team ever had before."
Lopez has previously been linked with a potential takeover of Group Lotus, having held talks with Proton before it was recently sold, but he says the situation for him at present is unclear in light of the DRB-Hicom deal.
When asked if he would be interested in buying Group Lotus, Lopez said: "We don't know yet, because we really do not know what the new owner wants to do with it."
k? So it might be Lotus microsoft? or Lotus notes? very bizarre!
Simple to me.
Lotus Cars don't have any dosh so can't sponsor the team anymore. Proton/Lotus new owner decided they are not going to waste any money throwing it into the Hethel black-hole for Behar's massive ego trip into motorsport. That's also why Lotus can't even supply enough Indycar teams with their engines. The motorsport spending tap has been turned off. And they haven't got any money to develop their new road car product range. So this is the start of the death-throes (yet again) of Group Lotus as it goes on the auction block.
Lotus Cars don't have any dosh so can't sponsor the team anymore. Proton/Lotus new owner decided they are not going to waste any money throwing it into the Hethel black-hole for Behar's massive ego trip into motorsport. That's also why Lotus can't even supply enough Indycar teams with their engines. The motorsport spending tap has been turned off. And they haven't got any money to develop their new road car product range. So this is the start of the death-throes (yet again) of Group Lotus as it goes on the auction block.
woof said:
Fernandez never cared about the Lotus name - it was just ego. It was only when the Malaysian government put pressure on him to hand the name over, did he then give it up but Group Lotus then had to pay the very substantial legal fees (in excess of $50million) to Fernandez.
Not sure who your source of that is, but Fernandes is brighter than you give him credit for. Yes, there was a bit more to that story than the media may have (been able) revealed, but there is no argument about the licensing of the name nor the Team Lotus episode. Both were legitimate. I think that like me, you know the reason why, despite a legitimate claim to using the Team Lotus name, he decided discretion was the better part of valour.
Redlake27 said:
I've never understood how selling a couple of Elises a week can fund so many motorsport programmes....
Obviously they can't. It was done with a lot of smoke and mirrors. Getting Lotus to put their name to a motorsport programe was one thing but getting the dosh out of them is another. Just like their F1 deal they are all begining to unravel as the money has dried up completely.To me there are two parts to this.
1) F1 still is madder than a bag of frogs. I'm sure half of this is orchestrated to keep the world happy.
2) This is P.R that Lotus Cars (Group Lotus or whatever it's called) could do without. There are undertones of MGR, TVR etc where there are some good products but some serious issues under the carpet.
1) F1 still is madder than a bag of frogs. I'm sure half of this is orchestrated to keep the world happy.
2) This is P.R that Lotus Cars (Group Lotus or whatever it's called) could do without. There are undertones of MGR, TVR etc where there are some good products but some serious issues under the carpet.
61GT said:
Is this actually a new story?
I'm sure I read on SELOC a few weeks back that Group Lotus weren't putting any money into the Lotus-Renault F1 Team but would benefit F1 from 'free' advertising as the Lotus name would still be carried by the F1 Team.
Not so long ago they had free advertising with another team, then they got their knickers in a twist about an unauthorised shirt...I'm sure I read on SELOC a few weeks back that Group Lotus weren't putting any money into the Lotus-Renault F1 Team but would benefit F1 from 'free' advertising as the Lotus name would still be carried by the F1 Team.
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