F1 »

Lotus confirms ‘full budget’ for F1 2014

Lotus F1 chairman Gerard Lopez promises team will be on the grid in 2014 despite ending talks with Quantum Motorsports.
Lotus insists that it will be on the F1 grid this season, despite concerns over its financial health following the apparent collapse of its deal with Quantum Motorsports.

The Enstone team appeared as a provisional entry on the line-up issued by the FIA last week, and has already announced that it will miss the opening test of the year, but chairman Gerard Lopez maintains that there is no doubt over its participation, with the sponsorship funds being brought by Pastor Maldonado more than enough to ensure its participation despite doubts over the 35 per cent buy-in arranged with Quantum.

Maldonado arrives from Williams with a bucketful of PDVSA cash, having been picked ahead of Nico Hulkenberg to partner Romain Grosjean. The Venezuelan replaces Ferrari-bound Kimi Raikkonen, who ended his association with Lotus due, in part, to unpaid wages. Reserve driver Davide Valsecchi this week revealed that he, too, had yet to be paid by the team, and the ongoing wait for funds from Quantum has caused questions over Lotus' future to be raised once again.

"Nothing has changed - we'll be there," Lopez told Germany's Auto Motor und Sport, revealing that the team had run out of patience with its apparent saviour.

"The Quantum money never arrived, [so] we broke things off with them, [but] we have a full budget for 2014 with our new sponsor PDVSA, and we won't run up any more debts.”

Lopez confirmed that his Genii Capital firm – which remains the team's major creditor - would cover the losses incurred during its pursuit of fourth place in the constructors' table last season. He also insisted that Raikkonen – and presumably Valsecchi – would receive any outstanding salary.

Related Pictures

Click on relevant pic to enlarge
24.11.2013 - Race, Heikki Kovalainen (FIN) Lotus F1 Team E21
24.11.2013 - Race, Heikki Kovalainen (FIN) Lotus F1 Team E21  and Jean-Eric Vergne (FRA) Scuderia Toro Rosso STR8
23.11.2013- Free Practice 3, Lotus F1 Team E21
26.10.2013- Qualifying: Pastor Maldonado (VEN) Williams F1 Team FW35
24.08.2013- Free Practice 3, Gerard Lopez (FRA), Lotus Renault GP owner
23.11.2013- Free Practice 3, Heikki Kovalainen (FIN) Lotus F1 Team E21
03.09.2016 - Qualifying, (L-R) Gerard Berger (AUT), Flavio Briatore (ITA) and Eddie Jordan (GBR)
03.09.2016 - Qualifying, Gerard Berger (AUT) and Flavio Briatore (ITA)
03.09.2016 - Gerard Berger (AUT)
12.06.2016 - Michael Douglas (USA), Actor and his son Dylan with Gerard Berger (AUT) and Pasquale Lattuneddu (ITA), FOM
10.06.2016 - Free Practice 2, Christian Horner (GBR), Red Bull Racing, Sporting Director and Gerard Berger (AUT)
29.05.2016 - Race, Gerard Berger (AUT) and Jean Todt (FRA), President FIA
29.05.2016 - Race, Pastor Maldonado (VEN) Lotus F1 Team E23
29.05.2016 - Pastor Maldonado (VEN)
28.05.2016 - Pastor Maldonado (VEN) Lotus F1 Team E23
28.05.2016 - Toto Wolff (GER) Mercedes AMG F1 Shareholder and Executive Director and Gerard Berger (AUT)
28.05.2016 - Gerard Berger (AUT) and his wife
28.05.2016 - Free Practice 3, Gerard Berger (AUT) and Romain Grosjean (FRA) Haas F1 Team VF-16

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.

© 1999 - 2016 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.