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.