Group Lotus to take Renault stake in long term deal
Group Lotus has confirmed its
much-rumoured partnership
with Renault F1 from 2011, with
the team to be renamed Lotus
Renault GP. The deal is for seven
years to the end of the 2017
season and will see Group Lotus
inject title sponsorship in excess
of £100m over that period.
The new partnership has been
enabled by Renault selling its
remaining 25% share in the team
to Genii Capital. Group Lotus will
subsequently become a major
equity partner in Lotus Renault
GP, which it will co-own with
Genii. Renault will continue its
strong support as a supplier of
engines and technological and
engineering expertise. The team
will continue to compete with
the Renault chassis name and
Renault will enjoy pre-eminent
brand exposure on the livery.
"We are delighted that we can
now go public with the news that
we will be racing as Lotus
Renault GP in 2011," said Genii
Capital boss Gerard Lopez. "It is
extremely exciting to begin a new
era for the team in partnership
with Group Lotus, and we will
continue to enjoy a strong
relationship with Renault over
the coming seasons. It is a tribute
to the excellent work this year by
the team in Enstone that we
have been able to attract both
major sponsorship and new
investment for a very bright
future."
The team has also revealed its
new black and gold livery - two
months in the making - as it
intends to recapture the iconic
associations of the colour
scheme prompted by the John
Player Special Lotus sponsorship
of the seventies and eighties. As
things stand, however, the Tony
Fernandes/Mike Gascoyne-led
Lotus Racing, has announced
similar plans for its team,
entered as Team Lotus in 2011...
The matter of ownership rights
to the Team Lotus name in F1 is
currently the subject of an action
due in the British High Court
after Fernandes purchased the
disputed rights from David Hunt
earlier this year.
Group Lotus CEO Dany Bahar,
who has recent F1 experience
with both Ferrari and Red Bull
Racing, said: "I can think of no
better platform for automotive
brand communications than
motorsport and F1 is the very
pinnacle of open-wheel racing.
We're well aware that there has
been a lot of controversy around
the usage of our brand in F1
and I'm delighted to be able to
formally clarify our position once
and for all: we are Lotus and we
are back."
Group Lotus intends to use F1 to
spearhead the marketing of a
new era of sportscar production
aimed at moving the brand up-
market. Lotus New Era was
unveiled at the Paris Motor Show
in October, featuring the new
Esprit, Elan, Elite, Elise and
Eterne. It is understood that
politics apart, Group Lotus
wanted an association with a
team capable of running at the
front in F1 rather than waiting
for the Fernandes/Gascoyne
operation to develop the
necessary infrastructure.
Genii, meanwhile, is also offering
Group Lotus-owning Proton, "the
ability to leverage existing
business relationships in Russia
and other parts of the world, as
a means to expand Proton's
global reach. Through Genii,
Proton can also potentially
access advanced automotive
technologies by virtue of Genii's
association with Mangrove, a
venture capital group."
The Russian associations could
lead to the assumption that
Vitaly Petrov's seat alongside
Robert Kubica is safe, athough
Petrov was not confirmed at the
same time as the announcement,
which may have been
anticipated. Some sources
continue to suggest that Nicolas
Todt's associations with Bahar
and Felipe Massa's relatively
troubled year alongside Felipe
Massa at Ferrari could lead to
both being part of the new Lotus
Renault association going
forward.
Enquiries along those lines were
met with a denial, however, and
we understand that it is 'likely'
that Petrov will retain his seat
with the team.
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