Lotus Formula 1 team talks with Quantum continue

The Lotus Formula 1 team's talks with potential investors Quantum Motorsports are still ongoing, despite reports this week that the deal was totally dead

Lotus Formula 1 team talks with Quantum continue

Quantum, which is led by Mansoor Ijaz, had hoped to conclude a buy into the Enstone outfit late last year but the money never arrived in Lotus' accounts.

The failure to complete that deal - caused by banking complications and the difficulties in bringing together the numerous backers - led Ijaz to conclude that the original investment structure was unworkable.

Ijaz has now totally revamped the financial make-up and changed the portfolio of investors in the hope of moving the situation forward.

His efforts have convinced Lotus to keep the door open on Quantum, even though the original configuration of the plan will now not happen.

Lotus shareholder Andrew Ruhan, who owns two per cent of the team and is taking a more active role, told AUTOSPORT: "At this moment of time, the original structure of the deal cannot be completed.

"However, we maintain discussions with Mansoor and still believe it is possible that a deal on a similar basis can be concluded."

AUTOSPORT has learned that Ijaz had set a deadline of January 15 to tell Lotus whether it was worth talks continuing, or if the deal should be called off completely.

Both parties agreed to carry on following meetings this week.

Ijaz said: "The original configuration of the Quantum deal is indeed no longer being pursued by us.

"That was my decision internally, and I conveyed that to Lotus and Genii before the Christmas break.

"During the break, we brought the appropriate professional assistance on board, and we conveyed our results on Wednesday to the team, and it was agreed that we proceed to conclusion."

Ruhan has made it clear that Lotus' future is not dependent on the Quantum deal happening, however, and that the financial state of the team is already strong enough to ensure it competes in 2014.

"This team is very stable - and we have taken action to make sure the future is secure," he said.

"Should talks be successful with Quantum then it will be a bonus, but we are not dependent on it happening."

Lotus' finances will be boosted this year by backing from Venezuelan oil company PDVSA following the signing of Pastor Maldonado as Romain Grosjean's team-mate.

shares
comments
F1 must forget double points

Previous article

F1 must forget double points

Next article

Analysis: Dennis return a turning point for McLaren F1 team

Analysis: Dennis return a turning point for McLaren F1 team
Load comments

About this article

Series Formula 1
Teams Team Lotus , Lotus F1 Team
Author Jonathan Noble
Why Russell was right to be wrong about Bottas after Imola F1 clash Plus

Why Russell was right to be wrong about Bottas after Imola F1 clash

George Russell and Valtteri Bottas' collision at Imola on Sunday prompted fury in the Formula 1 paddock. But Russell's carefully-worded heartfelt statement later, acknowledging that his initial response was wrong, proved the right move

How Verstappen and Hamilton’s Imola clash sets the tone for F1’s 2021 title fight Plus

How Verstappen and Hamilton’s Imola clash sets the tone for F1’s 2021 title fight

In Max Verstappen's Formula 1 career to date, he has been cast as the 'pretender', an acknowledged top-line performer without the car to regularly challenge Lewis Hamilton. But that no longer applies in 2021, and the start to the Emilia Romagna Grand Prix was the most telling signal yet of what we can expect from their duel this year

Formula 1
Apr 21, 2021
How “overwhelming” McLaren move has given Ricciardo a new verve Plus

How “overwhelming” McLaren move has given Ricciardo a new verve

Daniel Ricciardo has found a new lease of life at McLaren – a move that’s been years in the making, as he explains to STUART CODLING…

Formula 1
Apr 20, 2021
The German legend who raced and beat Nuvolari Plus

The German legend who raced and beat Nuvolari

Ninety years ago, Rudolf Caracciola became the first non-Italian to win the epic Mille Miglia. We look at how he stacks up to the most famous pre-war ace Tazio Nuvolari, one of the drivers he beat on that day in 1931

Formula 1
Apr 20, 2021
How 2021's midfielders have taken lessons from F1's top teams Plus

How 2021's midfielders have taken lessons from F1's top teams

Formula 1’s latest Imola adventure turned into an expensive trip for many teams due to several crashes throughout the weekend. While balancing the books is an added factor in 2021 with the cost cap, a few midfield teams have cashed in early on development investments

Formula 1
Apr 19, 2021
Emilia Romagna Grand Prix Driver Ratings Plus

Emilia Romagna Grand Prix Driver Ratings

A frantic wet race at Imola produced plenty of excitement and drama as drivers scrabbled for grip. Amid the hatful of mistakes and incidents that ensued, who kept their noses cleanest?

Formula 1
Apr 19, 2021
How the Emilia Romagna GP result hinged on three crucial saves Plus

How the Emilia Romagna GP result hinged on three crucial saves

Rain before the start of the Emilia Romagna Grand Prix promised to spice up the action, and the race certainly delivered on that. Max Verstappen got the best launch to win from Lewis Hamilton, but both got away with mistakes that could have had serious consequences

Formula 1
Apr 19, 2021
The back-bedroom world-beater that began a new F1 era Plus

The back-bedroom world-beater that began a new F1 era

The first in a line of world beaters was designed in a back bedroom and then constructed in a shed. STUART CODLING recalls the Tyrrell 001

Formula 1
Apr 18, 2021