F1 Madness

Tag: infinity racing

  • Lotus driver decision on hold

    Lotus driver decision on hold

    Lotus team principal Eric Boullier has said that decision on who will replace Kimi Raikkonen next year is on hold until the team has sorted out its financial situation.

    Raikkonen left Lotus to join Ferrari after he grew frustrated with the Lotus team not being able to give him assurances about their budget.

    Lotus team principal Eric Boullier has revealed that the priority for Lotus now is to finalise a deal with new investors Infinity Racing, which has been in the pipeline for several months now.

    Boullier has said that he can only make an informed decision about who to pick to replace Raikkonen once he knows what the Lotus team’s finances are like going forward.

    Nico Hulkenberg seemed set to be chosen to fill the Lotus seat but recently Felipe Massa also became a contender after confirming that he will be leaving Ferrari.

    Boullier spoke openly to Autosport, saying, “I want to finish what we wanted to show to Kimi, but we could not get done in time,” referring to his efforts to finalise the Infinity deal.

    “I want to close this, because it is important for the team. It will give it the financial stability for more than five years and it will give us also two steps forward in terms of revenue, which is what we need after the last two years that were up and down

    “After that, we can then think about the drivers for next year – but also for 2015, 2016, and 2017.”

    Despite rumours that Felipe Massa will bring major financial backing, Boullier has denied any knowledge of this and is adamant that he wants to be able to choose a driver based on merit, rather than on the sponsorship they could bring to the Lotus team.

    “I want to close the financial situation to make sure that we pick the driver on merit,” he said. “And then, if we are an attractive team with an attractive combination of drivers and we can get some sponsors, fine. But that is not the priority.”

    Photo by the Lotus F1 Twitter Team.

     

  • Lotus sells 35 percent stake to Infinity Racing

    Lotus sells 35 percent stake to Infinity Racing

    Lotus announced on Tuesday that they have sold a 35 percent stake in the team, to the investment group Infinity Racing Partners Limited.

    Until now, Genii Capital, the investment firm co-founded by Lotus F1’s chairman Gerard Lopez, has owned 100 percent of the Enstone based team. Genii Capital will still retain a controlling 65 percent stake of the team and Lopez will continue to fill the role of Chairman. Genii CEO Eric Lux will also retain his seat on the Board of Directors.

    Infinity Racing is an investment consortium made up of private investors including “an American hedge fund manager, an Abu Dhabi-based multinational business group and royal family interests of a major oil producing nation”.

    Lopez feels that sponsorship options for the team will be increased with the inclusion of the new part owners. “Infinity Racing’s principals have exceptional expertise and a proven strong track record in developing and delivering high quality technologies,” he said. “This partnership will enable us to increase Lotus F1 Team’s competitive advantage related to KERS technology as it becomes more central to Formula One’s push for environmentally sound racing, while also making Lotus F1 Team more marketable as a brand, opening up additional major sponsorship opportunities.”

    Kimi Raikkonen, Lotus F1 TeamGenii CEO Eric Lux has said that he believes the move is the start of an exciting journey for the team. “Genii Capital is delighted to announce this partnership between Infinity Racing and Lotus F1 Team as we continue to grow and compete for podium places,” he said. “Since Genii Capital took over control in December 2009, we have been focused on growing the value of the organisation and developing the infrastructure at its Enstone headquarters.”

    “As Lotus F1 Team results have continued to improve every year, we have been waiting for the right investor who will help make the jump to the top spot in the Constructors’ Championship. In Infinity Racing, we have found a partner with the right connections in addition to technological expertise and a global reach in major markets with key sponsors to achieve this goal. We look forward to working with Infinity Racing as we continue on this exciting journey.”