Quantum insists there are no doubts about Lotus deal despite delays

Quantum Motorsports chief Mansoor Ijaz says there is 'zero chance' of its deal to buy into the Lotus team falling through, despite recent delays in the transfer of funds

Quantum insists there are no doubts about Lotus deal despite delays

Ijaz, who is backed by a series of Middle East investors to purchase a 35 per cent stake in the team, says he has increased efforts to speed up the compliance checks and tax reviews that have held up the funds arriving in Lotus' bank account over the past fortnight.

But despite Lotus saying that time was getting short for the deal to be finalised, Ijaz reassured the team at Austin on Saturday that matters were in hand.

"There is no question about the fact that the deal will take place and there is no question that the monies have been debited from our side of the balance sheet," he said. "There is zero chance that this deal will not happen.

"But it is important to understand that in the international banking system, when monies come from certain parts of the world, the correspondent banks have to be used.

"We also have to deal with the regulatory authorities like central banks and other institutional frameworks that do their checks as well, because we are not talking about transferring small amounts of money.

"When you transfer $1 million, it is a different compliance level to transferring $10 million to transferring $100 million. We are talking about transferring very substantial amounts of money to the company."

Ijaz said that after the delays over the past week, he did not wish to promise when matters would be completed beyond saying it will be sorted very soon.

"Having given the view that there was a firm date two weeks ago, I am hesitant to do it this time," he said.

"But those two weeks that went by were not for nothing. A lot of things got cleared up in those two weeks, and it remains imminent that we will close this."

WORTH THE WAIT

Ijaz said he fully understood the frustrations being felt at Lotus about the delay in the funds being transferred.

"We have a great team of people that have every right to be frustrated," he said. "If I were in their shoes I would have given up on me a long time ago.

"But the reality is that we have to deal with the situation we have got and what they know about me is that I have never left their side.

"What I have done from my part, and this is money out of my own pocket when our funds arrive, is that we have agreed to pay a substantial bonus to all the employees from our own pockets.

"It will compensate them for the loss of time and frustration, and different problems that they have all faced.

"We have done the same with the management and have also done that with the board of directors, but the reality is that the money now has to arrive and we are very keenly aware of that."

shares
comments
Webber blames himself for losing US GP pole to team-mate Vettel

Previous article

Webber blames himself for losing US GP pole to team-mate Vettel

Next article

US GP: McLaren qualifying quotes

US GP: McLaren qualifying quotes
Load comments
The key details that boosted Red Bull and held back Hamilton in Verstappen’s USA victory Plus

The key details that boosted Red Bull and held back Hamilton in Verstappen’s USA victory

As the 2021 Formula 1 title battle winds towards its climax, the United States GP added another thrilling act in the Lewis Hamilton-Max Verstappen battle. Although Hamilton aced the start, Verstappen and Red Bull took the initiative with strategy and were richly rewarded, despite Mercedes' best efforts as the race went down to the wire

US Grand Prix Driver Ratings Plus

US Grand Prix Driver Ratings

On a baking hot afternoon at the returning Circuit of the Americas, Formula 1 drivers were tested to their limits. As the pressure on the title contending squads reaches an ever-greater level of intensity, the foremost challengers again showed their class, but were outshone by a standout drive from the upper midfield

Why F1's misunderstood party animal will thrive in retirement Plus

Why F1's misunderstood party animal will thrive in retirement

Three years on from Kimi Raikkonen's last Grand Prix victory at Austin, he is now six races away from ending the longest Formula 1 career in history. His friend and former Ice1 Racing rally team PR man ANTHONY PEACOCK explains why there’s nobody quite like the 2007 world champion and why F1 will miss him (but he won’t miss it)

Formula 1
Oct 24, 2021
The 10 greatest drives of lost legend Jo Siffert Plus

The 10 greatest drives of lost legend Jo Siffert

It's 50 years since Jo Siffert was killed in his prime at Brands Hatch. The Swiss scored just two world championship wins in a Formula 1 career spent largely with privateer teams, but showed on numerous occasions in single-seaters and in sportscars with Porsche that he could beat any of the best drivers of his era given the right equipment

Formula 1
Oct 24, 2021
Verstappen exclusive: How Red Bull’s ace has become F1 champion material Plus

Verstappen exclusive: How Red Bull’s ace has become F1 champion material

As Red Bull and Honda go all-out for victory in the Japanese engine manufacturer’s last season of its latest Formula 1 dalliance, Max Verstappen finds himself thrust into a compelling title fight with Lewis Hamilton. He told OLEG KARPOV about his evolution into a world championship contender and why Red Bull's no compromise ethos suits him down to the ground

Formula 1
Oct 23, 2021
How Mercedes went from Austin practice domination to "very tight at the front" with Red Bull Plus

How Mercedes went from Austin practice domination to "very tight at the front" with Red Bull

Mercedes has been on a roll of late in the ultra-tight fight to win the 2021 Formula 1 world championship. It started off well in practice at Austin for this weekend’s US Grand Prix, but Red Bull got closer as Friday unfolded and even seemed to find an edge in one critical area of what seems set to be another close contest

Formula 1
Oct 23, 2021
The six critical factors that could hand F1 2021 glory to Hamilton or Verstappen Plus

The six critical factors that could hand F1 2021 glory to Hamilton or Verstappen

The 2021 Formula 1 title battle is finely poised with six races remaining, as just six points separate championship leader Max Verstappen from seven-time champion Lewis Hamilton. In such a closely-fought season, the outcome could hinge on several small factors playing the way of Red Bull or Mercedes

Formula 1
Oct 22, 2021
Can Whitmarsh appointment help Aston succeed where its F1 rivals failed? Plus

Can Whitmarsh appointment help Aston succeed where its F1 rivals failed?

Aston Martin owner Lawrence Stroll is determined to make the group a billion-dollar business. MARK GALLAGHER analyses his latest play – bringing former McLaren team principal Martin Whitmarsh into the fold

Formula 1
Oct 22, 2021