Lotus has budget to complete Formula 1 season, CEO Carter says

Lotus CEO Matthew Carter has confirmed the team has a budget in place to see out the remainder of the Formula 1 season

Lotus has budget to complete Formula 1 season, CEO Carter says

The future of the F1 team is currently up in the air as it is struggling financially, with discussions ongoing with Renault about a possible takeover.

Questions recently arose as to whether Lotus would be in a position to take part in this weekend's Italian Grand Prix after its trucks were impounded following the race in Belgium due to a dispute with .

Although the team was late in setting up at Monza, they were back on track for Friday practice, and will be for the remainder of the weekend.

Asked whether the team would be at the next race in Singapore, though, Carter replied: " I can guarantee you we'll be in Singapore.

"One of our sea-freight containers has left, our airfreight will leave next week. We will be in Singapore.

"The financial issues are all over the press, everyone is aware of them. We're working as hard as we can behind the scenes to get them sorted out.

"None of them have become terminal, obviously. We're still here, we're still racing and we will continue to do that.

"As far as the rest of the races this season, we have a budget in place and we will operate to that budget and will be at all the races."

Renault's takeover is now in the final stages, with the French manufacturer's board currently reviewing documents relating to the deal that were signed off by the Lotus board on Wednesday.

It had initially been hoped Renault's in Lotus would be finalised this week.

But given the complexities of the agreement, it now appears likely the matter will drag into the early part of next week

Addressing the situation, Carter added: "It's difficult for me to say too much.

"The ownership and shareholding of the team are down to our current shareholders and our potential future shareholders.

"All I can tell you is negotiations with a certain car manufacturer have been ongoing for a number of months behind the scenes.

"I'm hopeful that's going to secure our future one way or the other going forward.

"And when I say one way or the other, it just means we have more than one option going forward to secure the future of the team."

shares
comments
F1 drivers told to stop public criticism of Pirelli tyres
Previous article

F1 drivers told to stop public criticism of Pirelli tyres

Next article

Italian GP: Toro Rosso makes tactical F1 engine changes

Italian GP: Toro Rosso makes tactical F1 engine changes
Why F1's nearly man is refreshed and ready for his return Plus

Why F1's nearly man is refreshed and ready for his return

He has more starts without a podium than anyone else in Formula 1 world championship history, but Nico Hulkenberg is back for one more shot with Haas. After spending three years on the sidelines, the revitalised German is aiming to prove to his new team what the F1 grid has been missing

The potential-laden F1 car that Ferrari neglected Plus

The potential-laden F1 car that Ferrari neglected

The late Mauro Forghieri played a key role in Ferrari’s mid-1960s turnaround, says STUART CODLING, and his pretty, intricate 1512 was among the most evocative cars of the 1.5-litre era. But a victim of priorities as Formula 1 was deemed less lucrative than success in sportscars, its true potential was never seen in period

Why Vasseur relishes 'feeling the pressure' as Ferrari's F1 boss Plus

Why Vasseur relishes 'feeling the pressure' as Ferrari's F1 boss

OPINION: Fred Vasseur has spent only a few weeks as team principal for the Ferrari Formula 1 team, but is already intent on taking the Scuderia back to the very top. And despite it being arguably the most demanding job in motorsport, the Frenchman is relishing the challenge

Formula 1
Jan 27, 2023
The crucial tech changes F1 teams must adapt to in 2023 Plus

The crucial tech changes F1 teams must adapt to in 2023

Changes to the regulations for season two of Formula 1's ground-effects era aim to smooth out last year’s troubles and shut down loopholes. But what areas have been targeted, and what impact will this have?

Formula 1
Jan 26, 2023
Are these the 50 quickest drivers in F1 history? Plus

Are these the 50 quickest drivers in F1 history?

Who are the quickest drivers in Formula 1 history? LUKE SMITH asked a jury of experienced and international panel of experts and F1 insiders. Some of them have worked closely with F1’s fastest-ever drivers – so who better to vote on our all-time top 50? We’re talking all-out speed here rather than size of trophy cabinet, so the results may surprise you…

Formula 1
Jan 25, 2023
One easy way the FIA could instantly improve F1 Plus

One easy way the FIA could instantly improve F1

OPINION: During what is traditionally a very quiet time of year in the Formula 1 news cycle, FIA president Mohammed Ben Sulayem has been generating headlines. He’s been commenting on massive topics in a championship that loves them, but also addressing necessary smaller changes too. Here we suggest a further refinement that would be a big boon to fans

Formula 1
Jan 24, 2023
How can McLaren keep hold of Norris? Plus

How can McLaren keep hold of Norris?

Lando Norris is no longer the young cheeky-chappy at McLaren; he’s now the established ace. And F1's big guns will come calling if the team can’t give him a competitive car. Here's what the team needs to do to retain its prize asset

Formula 1
Jan 24, 2023
What difference did F1's fastest pitstops of 2022 make? Plus

What difference did F1's fastest pitstops of 2022 make?

While a quick pitstop can make all the difference to the outcome of a Formula 1 race, most team managers say consistency is more important than pure speed. MATT KEW analyses the fastest pitstops from last season to see which ones – if any – made a genuine impact

Formula 1
Jan 23, 2023