Renault sells team as Group Lotus enters F1
8 December, 2010
Dec.8 (GMM) Group Lotus on Wednesday finally unveiled its collaboration for 2011 and beyond with the Renault F1 team.
It had been expected that the famous British sports car maker, now owned by Malaysia’s Proton, would tie up with Renault either in the form of a title sponsorship or by actually buying some of the Enstone based team.
A media statement referred to a “strategic alliance” between the two companies, resulting in “the creation of Lotus Renault GP”.
Group Lotus is a new “major equity partner of (Renault team owner) Genii Capital”, including title sponsorship of the team through to 2017.
Renault, meanwhile, is staying in F1 “as a supplier of engines and engineering expertise” and will have “pre-eminent brand exposure on the livery”, the statement said.
But the French carmaker has sold “its remaining shares in the team to Genii”.
Confusingly, the only team called Lotus on the 2011 entry list at present is Tony Fernandes’ entirely-separated team, who through a new engine deal with Renault also intends to be ‘Lotus-Renault’ next season.
But Group Lotus said it is now making a “complete return” to F1 in 2011 after Fernandes’ outfit used the name “under license” this year.
That license has been revoked and a naming dispute had erupted, but Wednesday’s statement said Renault F1 “will continue to compete with the Renault chassis name” in 2011.
“It is a tribute to the 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,” said Genii’s Gerard Lopez.
Added Group Lotus’ chief executive Dany Bahar: “We’re well 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.”
Fernandes’ team recently announced that it would revive the iconic black and gold livery in 2011, but now the newly Lotus-owned team is saying its cars will be “black and gold” in 2011.
Renault F1 Team Statement
Genii Capital and Group Lotus plc today announced the creation of Lotus Renault GP, the successor to the Renault F1 Team that will contest the 2011 FIA Formula One World Championship. This exciting announcement is made in the context of a strategic alliance between the two companies that will provide Group Lotus with significant technological and commercial opportunities for its range of road cars.
Following the return of the Lotus name to Formula 1 in 2010, under licence from Group Lotus, this historic announcement marks the complete return of the Lotus manufacturer to the sport, with the full backing of its parent company Proton. Group Lotus plc 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, commented: “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 the 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.”
Group Lotus CEO Dany 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 well 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.”
The new partnership has been enabled by Renault selling its remaining shares in the team to Genii Capital. Group Lotus plc will subsequently become a major equity partner in Lotus Renault GP, which it will co-own with Genii Capital.
Renault 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.