Fernandes Turned Down Offer to Settle Lotus Name Dispute

For the first time since this whole Lotus name saga began in Formula 1, an official involved in the affair publicly admitted the other party has made an offer for a settlement outside the court. And that official is Team Lotus' principal Tony Fernandes, who recently revealed that Group Lotus put an offer on his table to avoid further court hearings.

Don't get too excited though, as Fernandes eventually turned down the deal, because it was not even worth being discussed with his partners.

“I considered doing a deal, but the one they offered me would have bankrupted us,” said Fernandes, who is currently attending the Valencia group test with his F1 team, according to the Norwich Advertiser.

According to other reports, cited by the GMM news agency, the offer we're talking about revolves around $10 million.

Group Lotus initially worked out a deal with Tony Fernandes' F1 team last year by which the Hingham based organization was allowed to use the name “Lotus Racing” into the series. At the end of the season, the British carmaker terminated the team's license to use the name, having in mind a future collaboration with Renault F1.

In the meantime, Fernandes moved forward to purchasing the right to use the “Team Lotus” name from David Hunt. And since Group Lotus partnered with Genii Capital (owners of Renault F1) for the upcoming 7 years in F1, the two parties have been fighting for the name Lotus on the FIA entry list.

“It's petty,” added Fernandes. “I think we should all grow up and let the courts decide, and at the end of the day we honor the courts. I said I didn't want to say anything any more, but they keep making statements. I can't just say silent.”

A decision on the matter is expected to be reached by the London High Court a week after the season opening Bahrain Grand Prix.