autoevolution
 

Lotus Returns to F1, Confirms Deal with Genii Capital

It is now official! Lotus will become part of Formula One racing, as a name, until at least the 2017 season, after Group Lotus confirmed earlier today that it has become major equity partner of Genii Capital in the newly created Lotus Renault GP.

What happened basically was that Group Lotus plc, coming with full backing of its parent company Proton, has partnered with the former Renault F1 Team, owned partially by Genii Capital. In order for the new deal to be completed, Renault sold the remaining of its stake in the team to the Luxembourg based company, after which Group Lotus became major equity partner of in Lotus Renault GP.

The partnership was signed for the upcoming 7 years, with the team continuing to benefit from Renault power supply, as well as technological and engineering expertise.

We are delighted that we can now go public with the news that we will be racing as Lotus Renault GP in 2011,” said Gerard Lopez, Chairman of Renault F1 Team. “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.”

For 2011, the Lotus Renault GP cars will race in a new interpretation of the iconic black and gold colours that were last used when Lotus and Renault joined forces in the 1980s, as revealed in a press release from Renault.

This livery, which has been on the drawing board for over two months in order to reinterpret its iconic graphic signature to suit modern media requirements, is sure to strike a powerful chord with the sport’s enthusiasts around the world. Renault will continue to benefit from great exposure on the 2011 cars, with the Renault chassis name continuing to be used.

I can think of no better platform for automotive brand communications than motorsport and F1 is the very pinnacle of open-wheel racing,” added Group Lotus CEO Dany Bahar.

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.”
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories