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.
The end to the formal relationship between the two parties comes on the back of uncertainties concerning Group Lotus, following DRB-Hicom’s deal in taking a majority stake in Proton.
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.
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Tony Fernandes had a good thing going on for the Lotus name. Now back to square one, Group Lotus not involved with the Lotus F1 team
rofl…. Lotus2….. another joke in F1…..
what proton or lotus gain in f1 before? just wasting money? pity malaysian..
brand name marketing…duh…plus RnD in technology…. its not just wasting money….
brand name marketing, yes.
R&D? Absolutely NOT
i smell proton hardcore here…
at least i’m malaysian
What the ?!*@^#!
So all those court cases, settlements with tony fernandes is all for nothing???? Now what about other lotus racing activities that we dont hear about, like Indy racing, GT racing, Formula 2/3, grassroots team???
Thank you DRB, you just made all Malaysians a joke in the eyes of the motorsport community…
nope! only protonians would feel anything. go go go Vodafone Mclaren!
prepare for tony’s fans/minions “i-told-you-so” posts
i told you so!
We just lost team lotus….If la TF can hold on some time….it suppose to be ours…some people in paultan now
alahai! org keluar duit u tumpang glamour?! LOL
well, there’s a saying “what goes around comes around”… i guess it’s true.Previously P1, GL and especially DB backstabbing TF in the back, terminating their contract with him unlawfully so that they can conveniently switch to LRGP because DB wanted to make his little dream come true “OWNING AN F1 TEAM”. Well, guess what???Now you all are left eating in the dust…and not to mention back to square after spending so much money, time, effort, embarrassment in court and buying the name “TEAM LOTUS” which now is totally REDUNDANT!!!!
I think it is a good move to part ways with F1 arena… Continuing to sponsor F1 team will drain more of the company’s resources which should appropriately channeled for product development. The team will not dominate the podium even after a few years down the road, so it wont contribute much on the brand building.
But i hope DRB/ Proton wont sell Lotus.. Change business plan for Lotus, make it premium marque division, produce high end cars something like Lexus for Toyota, Infiniti for Nissan and later slot in super cars in future line ups
even lotus car use T engine ;)
Premium brand for Proton… sounds good but proton must become as big as toyota, honda and nissan first. Thats a very long journey.
That is impossible future. Don’t get yourself fooled around and being ignorant.
No, it is possible….we hav to believe…dont look backward u fooled, work hard p1 n u wil be there.
so in future proton will take over then 50% by replacement of cancellation of contract with lotus to genni ?
Please save Malaysia Sir Tony Fernandes
Lotus just need to create an great iconic car and product place it in a Bond film.
well good for tony for not playing with those monkeys, now he can move forward.typical malay dengki type will always exists.
At least TF get what he wanted during the demand is on high level sold out quickly. That is smart move from a great businessman with unforeseen future lie ahead. In the End, Proton and Group Lotus eat their own created messy shit. What a shame to F1 world and other global motorsports. Fragile sport car brand destroyed by themselves in the miserable shameful way. A laughing stock of joke for worldwide automaker.
Bye Bye Lotus!
Proton IS going to dump them for sure now…………..i wonder how much money was lost over the year?
The lies that are coming out of hethel are think & fast now. The Espirts “new” V8 is an old ex German touring car one & If they ever built the Espirt it would only show WHY BMW/Audi/Porsche (Nissan?) are SO much better.
Better to stop the flood of good money chasing BAD money…
Mike/Liverpool
when we sell a national asset to a crony! of course, his objective is to squeeze proton dry and then ask government to bail them out after that.
DRBHicom made a wise move plugging all the leakages in Proton.
Even BMW,Honda and Toyota pulled out long ago citing
high cost and pooled their resources to produce better / efficient cars.
1)Lotus may also be next in line when due diligence show that it would be
better either to offer an equity stake to another manufacturer ie Toyota
or to hive it off completely due to the massive cost needed to jump
start its re-branding.
2)Proton Motorsport Rally – also in its radar.
3)Management revamp once the GO is completed.
I may agree with termination of F1 sponsorship but i think Proton shud stay in rally for a good branding and image.. it is much lower than F1 cost but it does better in terms of proton brand marketing..
What wasn’t revealed by Lopez’ comments is that the loan includes a very important clause stating that the team gives Proton “full title guarantee” to “all plant, machinery, show cars, computers, office and other equipment… and… Whiteways Technical Centre [Lotus F1’s headquarters].” What this means is that if (and there is no suggestion that this will happen) the team fails to repay the loan then Proton will be entitled to take over all the property listed above which effectively constitutes the team itself. So although Lopez was keen to say that Group Lotus no longer has an option to buy 50% of Lotus F1, what wasn’t revealed is that Group Lotus’ owner could end up owning much more than that as a result of the loan it has given to the team.
http://www.pitpass.com/45953-Proton-stops-Lotus-F1-sponsorship-and-gives-35m-loan-to-team
wow.. is that true? then DRB @ this new Proton indeed a good business entitity.. why spend ur own money annually just to float somebody else (Genii & gang) from drowning. just pull the plug and finger cross. if they died (slowly @ not doesnt matter) then everything gonna belong to PROTON.
giler aa, cheeky B Proton.. Tony Fernandez kalah camni!!
you can refer to OFFICIAL DOCUMENTS of LOTUS F1 TEAM
www.companiesintheuk.co.uk/ltd/lotus-f1-team
proton replace all the renault and snoras bank loan in the lotus f1 team with a new loan from proton
anyway volkswagen said wanna enter F1 as turbo engine manufacturer,
maybe another MALAYSIA-GERMANY F1 project in the making, PROTON-VOLKSWAGEN F1 project after BMW Sauber F1 Team and Mercedes AMG Petronas F1 Team project.
before this Wolfgang Dürheimer (current CEO of Bentley and Buggati, and also Volkswagen motorsport boss work within SAUBER PETRONAS ENGINEERING AG in F1 project (especially in building own F1 engine)
I’m not amuse with DRB wise decision to plug out from F1 circus and also not suprise to hear Lotus co to be fully control by European consortium, at least legacy name will be preserve unlike deadend Saab and Pontiac. So, its time to think like an innovator again, no more backwards.
I’ve read somewhere in pitpass and totalf1 that despite ending the title sponsorship, Proton has given GBP 35mil to lotus f1. That (if true) could given the opportunity for Proton to own the whole team (factory, machines, cars, IP & etc.) should the team default the loan.
I don’t know the truth about the news, but Mr Lopez tone could have been different if he was to lose the title sponsorship without any other arrangement, right? Or is it just a speculation, a good one? I dont know.
The meaning may be:
Group Lotus has no longer an option to buy 50% of Lotus F1 because if it does the money is from Proton which is not right. Now DRB-HiCOM has bought Proton, so the money will be from DRB-HiCOM.
So terminating Dany Bahar and Syed Zainal from Lotus F1 Directorship is the right thing to do until DRB-HiCOM decides what they want to do with Lotus F1 – something DRB-HiCOM will not share with Genii.
I bet DRB-HiCOM will buy 100% quietly and then sell 50% of F1 team to VW. We will see joint collaboration between Proton/Lotus and VW in F1. Useless Genii will be kicked out very sure.
well.. again Proton/Lotus & VW affair.. 2014 F1 regulate teams to adopt 1.6 turbo engines, which is not even Lotus have it (CFE Campro only a light turbo, yet to proof as realiable & durable engine).
Isn’t them VW also own Lambo, Pors, Audi, Bentley, Bugatti, Seat & Skoda..
Tell me WHY THE HECK THEY WANT SOMETHING LIKE PROTON TO BE THEIR PARTNER???
instead of joint venture, i think, it is more like VW want to bought over Proton & Lotus just like they own the rest..
Teringat kisah Perjanjian Pangkor, konon nak cepat menang.. minta kawan yang lagi kuat tolong..last2 kawan tu ngap terus ish ish ish.. kaya lah sekejap, pastu..hampehh beratus tahun terjajah!!!
VW Porcshe VarioCam Plus VVL is actually licensed from Proton/Lotus! Used in Campro CPS.
Volkswagen to start building Porsches this fall. Read
http://www.autoblog.com/2012/03/18/volkswagen-to-start-building-porsches-this-fall/
Strategically, we may see VW owning part of Proton/Lotus and collaboration or consolidation in the sports car segment.
Proton should focus on their product and improve their range of cars, while maintaining their commercial value in the rally. Somehow that is the actual chassis bearing proton names allover the world. F1 is something way way political, created by european to win european.
Proton could invest millions in F1 today for engine, chassis, aero development but the next thing happens, FIA mend the regulation and those millions down the drain just like that. The engineering cost itself flow into EU countries, where all the facilities and technical ‘expertise’ gather.
Unless proton think they are as smart and try to manipulate this business entity as opportunity to bring back money. They better be right.