F1 top news

Lotus F1 team linked company ‘in liquidation’

PA1637226.0036
There are reports of financial trouble at Lotus’ team owners. The Luxembourg newspaper L’Essentiel reports that Gravity Sport, the driver management arm of Lotus’ team owner Genii, was placed in voluntary administration at the request of its minority shareholder.

The minor shareholder has a 33 per cent stake, with the rest held by Lotus team owners Gerard Lopez and Eric Lux.

According to the reports, Gravity – handling the careers of Romain Grosjean and others – is EUR 26 million in debt, even though Genii reportedly insists it remains able to continue operating.

However, “liquidators were appointed at an extraordinary general meeting on March 9 to restructure or sell the company”.

But a spokesman was quoted by the Luxemburger Wort newspaper: “It is important to communicate that the company Gravity Sport Management is not in liquidation.”

The report added that Lopez and Lux are “challenging the interpretation of commercial law” by their fellow shareholders.

On track, the Genii-owned Lotus team has a much more competitive car for 2015 compared to last season, but Grosjean and Pastor Maldonado are yet to score a point.

“Our season starts here,” Venezuelan Maldonado is quoted as saying in Shanghai by the Spanish sports newspaper Marca.

“We still have time to recover and have a great year,” he added. (GMM)

Facebook Comments
Loading...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV or any other subsidiary associated with the official Formula One governing organizations The website is an unofficial website, all names and logos used here are property of their respective owners, more specially FORMULA 1, FORMULA ONE, F1, GRAND PRIX and logos and the wide Curves logo are trademarks of Formula One Licensing BV, a Formula One Group Company. Use or depiction of images or trademarks throughout this website is for illustrative and editorial purposes only. Official Formula One information can be found at www.formula1.com

Copyright © 2015 Thisisf1.com

To Top