Time for the name Lotus to leave F1

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Originally Posted by N4D13

I've just read it in Autosport and it sounded like a spoilt child whining about stuff, but I'm intrigued about the Joe Saward bit. I wonder what he has to say about that - but I'm sure we'll read something over the next few hours. ;)

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I don't know if he really does sit on the Caterham board but his AirAsia and Caterham advertise a lot on his grandprixplus magazines...

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Originally Posted by Malbec

I don't know if he really does sit on the Caterham board but his AirAsia and Caterham advertise a lot on his grandprixplus magazines...

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He is a consultant (and possibly therefore a director) of the Caterham road car division, not the F1 team.

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Originally Posted by SGWilko

He is a consultant (and possibly therefore a director) of the Caterham road car division, not the F1 team.

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Before or after Fernandes came among?

Btw hadn't realised this was the official China press release.... Wow. I couldn't have done a worse job if id tried.

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Originally Posted by Malbec

Before or after Fernandes came among?

Btw hadn't realised this was the official China press release.... Wow. I couldn't have done a worse job if id tried.

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Ah, that I don't know. There was a bit of a hoo ha on his blog about his 'impartiality', which is where/when I learned of his involvment.

Whatever - it looks like the TFKAR (team formerly known as Renault) is in deep doggy doo. There is a high court case been instigated by a local builder to recover costs on Dany Baher's house, that was apparently paid for partrly with Lotus cheques! Perhaps they bounce like a Pirelli tyre!!!

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Originally Posted by SGWilko

Whatever - it looks like the TFKAR (team formerly known as Renault) is in deep doggy doo. There is a high court case been instigated by a local builder to recover costs on Dany Baher's house, that was apparently paid for partrly with Lotus cheques! Perhaps they bounce like a Pirelli tyre!!!

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I think the Enstone team are fine actually, they have signed good sponsors and seem quite comfortable. Its Group Lotus that are in trouble. If Dany Bahar has the problems you mentioned there I wonder whether the inland revenue will be interested...

Proton holds rights to buy 10 percent of Lotus F1
Proton holds rights to buy 10 percent of Lotus F1 | Reuters

this is geting a bigger joke day by day

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(Reuters) - Group Lotus owner Proton loaned Lotus F1 $47.71 million and retains the rights to purchase 10 percent of the Formula One team despite the end of a title sponsorship agreement, the car maker said on Wednesday.

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breach of contract by naming rights sponsor and they get away with it by a loan of $47.71 million

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Originally Posted by CNR

Proton holds rights to buy 10 percent of Lotus F1
Proton holds rights to buy 10 percent of Lotus F1 | Reuters

this is geting a bigger joke day by day

breach of contract by naming rights sponsor and they get away with it by a loan of $47.71 million

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The terms of the loan though are pretty typical and aren't outrageous by any means. Proton can only buy its share and take over the infrastructure if Lotus defaults.

But if they put up 100% equity as sucurity for that loan, a default will see automatic transfer of ownership? Or am I (as usual) being a bit fick, init?

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Originally Posted by SGWilko

But if they put up 100% equity as sucurity for that loan, a default will see automatic transfer of ownership? Or am I (as usual) being a bit fick, init?

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That would imply that Enstone are only worth $45 million which would undervalue the team no?

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Originally Posted by Malbec

That would imply that Enstone are only worth $45 million which would undervalue the team no?

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From the facebook article;

The new agreement was reached following Group Lotus owners Proton providing team owners Genii with a £30m loan which is repayable within three years. In order to secure the loan Genii used 100% of the F1 team’s assets as collateral meaning that under the conditions of the loan agreement Proton have been given full title guarantee to all plant, machinery, show cars, computers, office and the Lotus F1 Team headquarters.