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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.

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An F1 fan since 1972, NC has spent over 25 years in the technology industry and as a CTO, he focuses on technology integration in commercial workspace design, 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.