Lotus F1 ends title sponsorship deal with Group Lotus

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.

© 2012 Paul Tan's Automotive News. All Rights Reserved.

This story originally appeared on Paul Tan's Automotive News on Mon, 09 Apr 12 01:22:55 +0000.

Related posts:

1. Group Lotus CEO Dany Bahar signs new four-year contract
2. Proton wins China Rally – Alister McRae takes APRC driver’s title, Proton clinches manufacturer’s title
3. Saab ends investment deal with Youngman, Pang Da
4. Group Lotus plays entry level, forms factory kart team
5. Proton: Group Lotus sale to Genii Capital rumours untrue
6. Gerard Lopez’s Genii Capital to buy into Group Lotus?
7. Jarno Trulli signs deal to stay with Team Lotus for 2012
8. Gordon Murray to advise Group Lotus management
9. Datuk Seri Najib visits Group Lotus HQ in the UK
10. BREAKING: Group Lotus is sole owner of “Lotus” name in F1, but Team Lotus can still race under its present name

Link to full article