Rumous of Lotus team sale

There are paddock rumours that F1 team Lotus’ owner Genii may soon be sold. The German language Speed Week said it has heard that the likely buyer is from Malaysia.

In 2010 and 2011, Malaysian entrepreneur Tony Fernandes’ Caterham team was called Lotus, until a resolution was found to the F1 naming dispute with Group Lotus. And Group Lotus, no longer a sponsor of the Genii-owned Lotus team but still lending its name to the F1 squad, is owned by Malaysia’s Proton and DRB-Hicom.

Also having heard the rumours in India, British Sky television commentator Martin Brundle mentioned the carmaker Proton as a possible buyer for Lotus F1. But a team spokesman was quoted by skiddmark.com: “Yes, they (Genii) have been looking for minority investors like other teams, and they were close to doing a deal recently, however the deal could not be found in the end.”

He insisted that Proton “has never been in the loop”.

Souce:GMM

Lotus owner Genii to spend big on football

Genii, the private equity fund that owns the Lotus team, is looking into investing EUR 500 million in the world of football.

Team owners Gerard Lopez and Eric Lux are eyeing five second-tier European clubs as well as a dozen player agencies, academies and media rights companies, the Financial Times reports.

“(Big-name clubs) are inherently risky and very difficult to turn around,” said Lopez. “We would rather take a club of EUR 40m turnover than one with high aspirations and huge debt.”

Despite last year’s losses, and the departure of title sponsor Group Lotus, Lopez said the Enstone based F1 team is now on track to break even.

Source:GMM