There have been rumours circulating that Lotus Renault GP owners Genii Capital, headed by Gerard Lopez, is looking to buy into Group Lotus, the sportscar maker which is currently the title sponsor of the F1 team.

Now, Group Lotus owner Proton has come out with a statement to quash this speculation, highlighting that the relationship between parent and subsidiary is “as good as it has ever been”, and that the priority is to “ensure that the Lotus Business Turnaround Plan is executed according to schedule”.

Here’s the Proton statement in full:

We refer to the news reports that have been circulating recently over the sale (of a stake) in Group Lotus.

PROTON hereby states that the alleged moves between Group Lotus and GENII Capital are untrue and that the news are highly speculative in nature. PROTON’s relationship with Group Lotus is as good as it has ever been. Through this positive synergy, our priority now is to ensure that the Lotus Business Turnaround Plan is executed according to schedule and that both parties are committed to its success. PROTON and Lotus have reached a juncture whereby the market is eagerly waiting for Lotus’ new products and all our energy and efforts have to be channelled towards achieving this critical goal.

Furthermore, the scope of Lotus’ involvement in F1 as title sponsor to Lotus-Renault GP is to create dynamic marketing and branding synergies.

PROTON does not wish to further entertain any unsubstantiated news of speculative nature and we hope this statement will put all speculation to rest.