According to a report, the Lotus F1 team has ended its title sponsorship deal with Group Lotus, but will continue the use of the hallowed name in F1.
Autosport reports that the team’s owner, Genii Capital, recently agreed on a deal with the marque to cancel the title sponsorship agreement that was put together two years ago, in addition to annulling an option brand-owner Proton had to buy 50% of the team.
Genii Capital’s head honcho, Gerard Lopez, told the publication that there was previously an option from Group Lotus to buy into Lotus F1 but that has now been taken over by Genii. He added that he remains committed to using the Lotus name, even though the sponsorship deal had ended.
“We are happy to carry the Lotus name as we believe it is a good name for F1. 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,” Lopez told Autosport.
“When we changed the name from Lotus Renault to Lotus, it opened up the door for a title sponsor. If we sign a title sponsor now, we will end up with a better cash flow situation than this team ever had before,” he added.
Asked if he would be interested in buying Group Lotus, Lopez, previously linked with a potential takeover of the brand, said the situation still remains unclear on that to him. “We don’t know yet, because we really do not know what the new owner wants to do with it,” he stated.