SHARE

Lotus F1 revealed last week that the team was €100 million in debt but today’s news may help toward alleviating some of that pressure as Saxo Bank has joined as a new sponsor.

According to team boss Eric Boullier, the team has now secured enough cash for a budget in 2014 and should have the resources to make it another year telling AUTOSPORT:

“The team is in good shape now definitely with some guarantees over the operational finance needs,” he said. “I think now at least for 2014 and a little bit beyond, the team now can stabilize. We can bring a little bit of quietness, so not being as intense but still performing.”

It’s surely a challenge to be running on a year-to-year basis but the team have teamed with a long-time cycling sponsor in Saxo Bank and time will tell as to whether this new budget for 2014 will allow for aggressive in-season development where the war of Formula 1 is really waged.

SHARE
An F1 fan since 1972, NC has spent over 25 years in the technology industry focusing on technology integration, AV systems integration, digital media strategies, technology planning, consulting, speaking, presenting, sales, content strategy, marketing and brand building.
  • niyoko

    Good news to hear. It still feels like Lotus is the only team bringing news sponsors into the sport. I will give credit to Caterham for bringing GE, Dell, and CNN into F1.

  • peterriva

    Uh, this is the same Midas investment people no? They had some quirky dealings in the past, but became “respectable” when they became a bank a decade ago. But looking at their P&L, they made less than 500million pretax last year. That’s the partner for Lotus? Good luck boys.