Lotus locked out of hospitality, freight delayed

[vcs316]

The troubled Lotus Formula One team were locked out of their paddock hospitality at the Japanese Grand Prix on Thursday while freight, including engines, was also held up by payment problems.

French driver Romain Grosjean, who would normally hold a press briefing in the facility where team members and guests are catered for, conducted it instead out in the paddock with reporters sheltering under umbrellas in the rain.

Equipment was piled up outside the empty hospitality under a tarpaulin. A team spokesman said there had been a 'slight delay' complicated by the time difference with Europe and well-documented cash-flow problems. "The guys are going to do their best as always," said Grosjean, speaking in the afternoon as the Lotus freight finally arrived and was delivered to mechanics who faced a long night building the cars for Friday practice.

"As long as they catch up by tomorrow at 2 PM I'm happy," added the Frenchman, who is due to sit out first practice to make way for British reserve Jolyon Palmer. Grosjean, who finished third in last month's Belgian Grand Prix, saw no reason why the team could not again rise above their troubles.

"It does not mean we can't fight for podiums this weekend. Look at Spa, we had bailiffs in the garage and we ended up on the podium," he said. "It is a situation which is very tricky. We are waiting for answers and confirmation for the future of the team, but the spirit is still there."

Lotus are hoping to be taken over by Renault, their former owners, but the talks have dragged on and the team has had to fend off court cases and attempts to put them into administration.

They are due back in the London High Court on Monday for an adjourned hearing in a case brought against them by Britain's tax authorities, just one of a list of creditors seeking payment. In Belgium, bailiffs had turned up before and after the race to impound the cars as part of legal action brought against the team by French former reserve driver Charles Pic.

That action was later settled, as was a winding up petition brought by a supplier, while a problem paying Pirelli for tyres in Hungary was blamed on a delayed bank transaction. "We are here, things are turning up late but the most important is that our group of people is still here ready to race," said Grosjean, who is tipped to leave Lotus at the end of the season to join the new U.S.-owned Haas team.

http://www.eurosport.co.uk/formula-1...6/story.shtml?

[TigerKing]

That's bad. I always had a soft spot for Lotus. Maybe they should've ditched Maldanado who caused so many crashes that they have to fix.

[gvera]

I guess that now, after Maldonado was confirmed for 2016, the PDVESA money will be released and Lotus will be able to pay.

[Stormy]

That's bad. I always had a soft spot for Lotus. Maybe they should've ditched Maldanado who caused so many crashes that they have to fix.

How can you have a soft spot for a team that use a name that's shouldn't be theirs. They are not really Lotus. They are something else. Like Genii Capital or something like that.
I really hope Renault will take over that team. They are destroying the Lotus name.

[Raveen34]

Hi here is an interesting interview with Dieter Rencken talking about the economic mess that F1 finds itself in.
The first minute is in swedish but after that its in english.

https://translate.google.com/transla...rora&sandbox=1

[Winter]

Poor Lotus, literally..

[abbottcostello]

Hi here is an interesting interview with Dieter Rencken talking about the economic mess that F1 finds itself in.
The first minute is in swedish but after that its in english.

https://translate.google.com/transla...rora&sandbox=1

Rather good insight into the problems F1 faces, the main take-away is that the greed that drove circumventing EU laws by extending the commercial rights lease deal to 113 years! No way to completely verify his statements, as he said the deal is not in the public domain, but we all know CVC & other owners are draining off a huge amount (roughly 25% of $1.6 billion annually). This is one of main reasons VAG wouldn't get into the sport back in 2010, they said it wasn't cost effective due to that roughly $350 M skimmed off every year!
Also highlights the problem with Renault getting "heritage" status for the Lotus team as their condition for assuming a 65% ownership role, though I just read on Autosport.com that on Monday they will pay off the £2.7 million PAYE arrears.

[abbottcostello]

Renault finally shows their intentions...

Article on PlanetF1.com
Date published: September 28 2015

The will they or won’t they buy Lotus saga is coming to an end with Renault confirming they signed a Letter of Intent to take a controlling stake in the squad.
Renault confirmed before the start of the 2015 Formula 1 season that they were considering their future with their options being to either pull out of the sport entirely or buy one of the current teams on the grid and run it as a works outfit.
They opted for the latter, but it has taken them months to finally confirm the deal.
Lotus, meanwhile, have faced financial problems for several seasons and the buyout will come as a big relief for everyone involved as they are due to appear in the London High Court on Monday over unpaid taxes and national insurance contributions.
French manufacturer Renault finally announced on Monday morning that they plan to buy a controlling stake in the Enstone squad.
Renault statement: “Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd.
“The signature of this Letter of Intent marks Renault’s first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world’s premier motorsport championship series.
“Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.”