Even as Lotus’ title sponsorship deal with the sportscar maker Group Lotus has ended, it will still keep its prominent name in Formula 1 for the future, according to an Autosport report. Group Lotus’ economic uncertainties related to having been newly sold off to Malaysian automotive conglomerate DRB-Hicom along with parent company Proton prompted Lotus F1's team owner Genii Capital to cut its formal relationship with the marque.
Autosport reported that Genii owner Gerard Lopez had inked a deal for the title sponsorship deal, which was initially put together in 2010, to be cancelled. It also wanted to annul an old option that Proton had to purchase 50% of the team. Lopez told Autosport that the sponsorship deal and Lotus’ obligations have been ended. He clarified that there is currently no option from Group Lotus to buy into F1 for now.
He said that there had been one option but since then, it has decided to take over. He added that because of the termination of the Group Lotus sponsorship tie-up, there would have to be changes but then he is still committed to the Lotus name.
He explained that the company is pleased to still use the Lotus name since it’s a “good name for F1.” He said that they provided the funding for the team last year and for the years that the delta is missing. He said that of course, sponsors are preferred to offer the full amount but if necessary, they will fund it themselves.