Genii, Group Lotus join forces for F1
London, January 3, 2011
Genii Capital and Group Lotus have joined forces to create Lotus Renault GP, the successor to the Renault F1 Team that will contest the 2011 FIA Formula One World Championship.
As per the deal, both companies will provide Group Lotus with significant technological and commercial opportunities for its range of road cars.
The new partnership has been enabled by Renault selling its remaining shares in the team to Genii Capital. Group Lotus will subsequently become a major equity partner in Lotus Renault GP, which it will co-own with Genii Capital.
"Following the return of the Lotus name to F1 in 2010, under licence from Group Lotus, this historic announcement marks complete return of the Lotus manufacturer to the sport, with the full backing of its parent company Proton," said Group Lotus CEO Dany Bahar.
Group Lotus will become a major equity partner of Genii Capital in Lotus Renault GP, and the two parties have concluded a title sponsorship agreement that will run until the end of the 2017 season.
With the continued support of Renault as a supplier of engines and technological and engineering expertise, Lotus Renault GP enjoys a strong, stable platform for future success.
Gerard Lopez, chairman of Renault F1 Team, said, "We are delighted that we can now go public with the news that we will be racing as Lotus Renault GP in 2011."
"It is extremely exciting to begin a new era for the team in partnership with Group Lotus, and we will continue to enjoy a strong relationship with Renault over the coming seasons. It is a tribute to excellent work this year by the team in Enstone that we have been able to attract both major sponsorship and new investment for a very bright future," he noted.
Bahar said: “I can think of no better platform for automotive brand communications than motorsport and F1 is the very pinnacle of open-wheel racing. We’re aware that there has been a lot of controversy around the usage of our brand in F1 and I’m delighted to be able to formally clarify our position once and for all: we are Lotus and we are back.”
Renault, said Lopez, will continue its strong support of the team with which it won the 2005 and 2006 world championships, as a supplier of engines and technological and engineering expertise.
Reflecting this technological support, Lotus Renault GP will continue to compete with the Renault chassis name and Renault will enjoy pre-eminent brand exposure on the livery.
For 2011, the Lotus Renault GP cars will race in a new interpretation of the iconic black and gold colours that were last used when Lotus and Renault joined forces in the 1980s.
This livery, which has been on the drawing board for over two months in order to reinterpret its iconic graphic signature to suit modern media requirements, is sure to strike a powerful chord with the sport’s enthusiasts around the world.
The team scored a strong fifth-place finish in the 2010 constructors’ championship, which included three podium finishes for Robert Kubica. Next season, Lotus Renault GP is aiming to take another step forward which will see it competing regularly with the most prestigious names in Formula 1, he added.-TradeArabia News Service