Lotus says finances sorted for 2014 Formula 1 season

Lotus now has in place the financial platform it needs to avoid the struggles that blighted its 2013 Formula 1 campaign, reckons team boss Eric Boullier

Lotus says finances sorted for 2014 Formula 1 season

The Enstone-based team endured a troubled time last year despite ending the season as Red Bull's closest challenger for victories.

Money concerns surrounded the outfit for months, and Kimi Raikkonen turned his back on the outfit because he had not been paid.

But although the team's 2014 has not got off to the best start, with the outfit due to miss the first test at Jerez, Boullier says behind the scenes things are much better.

"The target is clear: we can't have another year like 2013 and we don't want this," Boullier told AUTOSPORT.

"We want to bring stability over the long-term for this team. With the shareholders we went through a lot of discussions and decisions, and a restructuring process over the last weeks.

"I think that the team is in good shape now definitely with some guarantees over the operational finance needs.

"I think now at least for 2014 and a little bit beyond, the team now can stabilize. We can bring a little bit of quietness, so not being as intense but still performing.

"I know where we are now today with the car and we will still be fighting, hopefully for some podiums this year."

The team has undergone a management reshuffle over the winter with CEO Patrick Louis being replaced by Matthew Carter, a close ally of minority shareholder Andrew Ruhan.

Lotus' lengthy discussions with Quantum Motorsports are ongoing, while on Monday it announced a fresh sponsorship deal with financial institution Saxo Bank.

Pastor Maldonado's arrival, and with it the valuable sponsorship from PDVSA, has also boosted the coffers.

Boullier said that one of the biggest positives heading in to 2014 is that the team knows the exact budget it has to play with.

"We have an operational guaranteed budget this year, which is a big difference," he said.

"It means we will be on our own financially and we have a much stronger shareholder structure and some new sponsors. We need to make sure that we are sustainable as much as we can."

shares
comments
Kubica on F1: I have no regrets

Previous article

Kubica on F1: I have no regrets

Next article

Analysis: Ferrari pressure rising in 2014 Formula 1 season

Analysis: Ferrari pressure rising in 2014 Formula 1 season
Load comments
Why momentum is again behind Australia’s aces Plus

Why momentum is again behind Australia’s aces

At the Italian Grand Prix Daniel Ricciardo turned around a troubled F1 season and, in F2, Oscar Piastri demonstrated once again that he is a potential star of the future. BEN EDWARDS weighs up the prospects of F1 having two Australian stars

The tough balancing act facing Schumacher’s Netflix film producers Plus

The tough balancing act facing Schumacher’s Netflix film producers

Michael Schumacher is the latest sporting superstar to get the ‘Netflix treatment’, with a special documentary film airing on the US streaming giant’s platform this month. DAMIEN SMITH has the inside track on how the filmmakers gained access to tell the human story behind one of Formula 1’s most publicity-shy champions - while the man himself, for obvious reasons, is in absentia… 

Formula 1
Sep 25, 2021
The times that suggest Verstappen should be confident of F1 Russian GP recovery Plus

The times that suggest Verstappen should be confident of F1 Russian GP recovery

For the second race in a row, Mercedes has ended the first day of track action on top. It’s in a commanding position at the Russian Grand Prix once again – this time largely thanks to Max Verstappen’s upcoming engine-change grid penalty. But there’s plenty to suggest all hope is not lost for the championship leader at Sochi

Formula 1
Sep 24, 2021
The ‘backwards step’ that is the right move for Formula 1 Plus

The ‘backwards step’ that is the right move for Formula 1

OPINION: With its days apparently numbered, the MGU-H looks set to be dropped from Formula 1’s future engine rules in order to entice new manufacturers in. While it may appear a change of direction, the benefits for teams and fans could make the decision a worthwhile call

Formula 1
Sep 23, 2021
The floundering fortunes of F1’s many Lotus reboots Plus

The floundering fortunes of F1’s many Lotus reboots

Team Lotus ceased to exist in 1994 - and yet various parties have been trying to resurrect the hallowed name, in increasingly unrecognisable forms, ever since. DAMIEN SMITH brings GP Racing’s history of the legendary team to an end with a look at those who sought to keep the flame alive in Formula 1

Formula 1
Sep 22, 2021
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

Formula 1
Sep 22, 2021
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