Formula One team Lotus F1 has terminated its title sponsorship agreement with car manufacturer Group Lotus, but insisted it is committed to keeping the famous name in the sport.
The termination comes at a time of financial uncertainty for Group Lotus, which, along with its parent company Proton, was sold to Malaysian automotive conglomerate DRB-Hicom.
“The sponsorship agreement and the obligations of Lotus have been terminated,” Gerard Lopez, head of Lotus F1’s team owner Genii Capital, told Autosport. “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.”
Lopez revealed that the team is looking for a new title partner, but with the high-profile sponsorship deals struck in the winter, an agreement was not a short-term necessity.
He also revealed that the Lotus brand will remain a key part of the teams plans given its rich history in motorsport. “We are happy to carry the Lotus name as we believe it is a good name for F1,” he said. “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,” he added. “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.”
Lotus have enjoyed a solid start to 2012 with former world champion Kimi Raikkonen, who took a break from the sport following the 2009 season, claiming a fifth place finish in Malaysia and a seventh in Australia.
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