It was announced today that the Lotus F1 Team have terminated their title sponsorship deal with Group Lotus due to the financial uncertainty surrounding the beleaguered sports car manufacturer. It was also announced that Genii Capital, owners of the Lotus F1 team have terminated Group Lotus' option to buy a 50 percent stake in the F1 team.
This news comes as a major shock to me as the Lotus F1 team have made a promising start to the 2012 F1 season and the loss of such a key title sponsor could have a knock on affect on the team's development program. Genii Capital funded the team in 2011 and they may have to do the same again this year if hey can not find a suitable replacement as title sponsor.
I believe however that they would not have dropped Group Lotus if the team did not have another backer already in place. Due to the current economic climate it could be extremely difficult for the team find a new title sponsor willing to spend a lot of money.
We will just have to watch this space and see what happens.
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