Lotus F1 team given final reprieve by High Court

The team was initially forced into the High Court on September 7 after insolvency proceedings were brought against it by HMRC over unpaid PAYE (income tax and national insurance) for June, amounting to £900,000.

A similar debt has since accrued for July as Lotus waits on Renault to take up a 65 per cent shareholding in the Enstone-based organisation.

A deal between the two parties was concluded a fortnight ago, however Renault is now negotiating with F1 supremo Bernie Ecclestone over payment details in the wake of being granted historical constructor status.

It had been hoped since the initial court appearance the matter would have been concluded, only for the delays in proceedings forcing today's court date.

Lotus and Renault have, though, managed to convince Justice Birrs the deal is close to being concluded, and for an administration order to be granted now would not only threaten the deal, but also place over 400 jobs at risk.

In his summation, Justice Birrs has made clear he will not be granting another adjournment should the case go before him again next Friday.

He did, however, state: "The parties have satisfied me there is genuinely a real prospect the first stage of the deal being described will be signed in the next seven days, which will allow significant funding to go into the company."