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
Load comments
Why the 2021 title fight is far from F1's worst, despite its toxic background Plus

Why the 2021 title fight is far from F1's worst, despite its toxic background

OPINION: Formula 1 reconvenes for the Russian Grand Prix two weeks after the latest blow in ‘Max Verstappen vs Lewis Hamilton’. While the Silverstone and Monza incidents were controversial, they thankfully lacked one element that so far separates the 2021 title fight from the worst examples of ugly championship battles

How F1’s other champion to emerge from 1991 thrived at Lotus Plus

How F1’s other champion to emerge from 1991 thrived at Lotus

Mika Hakkinen became Michael Schumacher’s biggest rival in Formula 1 in the late-90s and early 2000s, having also made his F1 debut in 1991. But as MARK GALLAGHER recalls, while Schumacher wowed the world with a car that was eminently capable, Hakkinen was fighting to make his mark with a famous team in terminal decline

Formula 1
Sep 21, 2021
The forgotten F1 comeback that began Jordan’s odyssey  Plus

The forgotten F1 comeback that began Jordan’s odyssey 

Before Michael Schumacher – or anyone else – had driven the 191 (or 911 as it was initially called), Eddie Jordan turned to a fellow Irishman to test his new Formula 1 car. JOHN WATSON, a grand prix winner for Penske and McLaren, recalls his role in the birth of a legend…

Formula 1
Sep 20, 2021
The squandered potential of a 70s F1 underdog Plus

The squandered potential of a 70s F1 underdog

A podium finisher in its first outing but then never again, the BRM P201 was a classic case of an opportunity squandered by disorganisation and complacency, says STUART CODLING

Formula 1
Sep 18, 2021
The other notable Monza escape that F1 should learn from Plus

The other notable Monza escape that F1 should learn from

OPINION: The headlines were dominated by the Italian Grand Prix crash between Max Verstappen and Lewis Hamilton, who had the halo to thank for avoiding potentially serious injury. But two days earlier, Formula 1 had a lucky escape with a Monza pitlane incident that could also have had grave consequences

Formula 1
Sep 17, 2021
How Monza only added more questions to F1's sprint race conundrum Plus

How Monza only added more questions to F1's sprint race conundrum

With two sprint races under its belt, Formula 1 must now consider its options for them going forward. While they've helped deliver exciting racing on Sundays, the sprints themselves have been somewhat lacking - creating yet another conundrum for F1 to solve...

Formula 1
Sep 16, 2021
Who should Alfa Romeo sign for 2022's F1 season? Plus

Who should Alfa Romeo sign for 2022's F1 season?

OPINION: With Valtteri Bottas already signed up for 2022, all eyes are on the race for the second seat at Alfa Romeo next year. Antonio Giovinazzi is the current incumbent, but faces a tough competition from appealing short and long-term prospects

Formula 1
Sep 15, 2021
The "forced break" that was key to Ricciardo's Monza excellence Plus

The "forced break" that was key to Ricciardo's Monza excellence

OPINION: Daniel Ricciardo has long been considered one of Formula 1’s elite drivers. But his struggles at McLaren since switching from Renault for 2021 have been painful to watch at times. Yet he’s recovered to banish those memories with a famous Monza win – built on a critically important foundation

Formula 1
Sep 14, 2021