Lotus Racing Reject USD10m Naming Rights Settlement

Malaysian entrepreneur and team principal of Lotus Racing Tony Fernandes, has rejected an offer of almost US$10m to settle the ongoing dispute over who has the right to use the Lotus name in Formula 1.

In an interview with AFP Fernandes stated: “It was £6m ($9.67m) for an out-of-court settlement. Of course I would like to end it but the proposal by Proton would have bankrupted the company. We could not accept it.” 

Fernandes said that 250 jobs along with substantial investments by shareholders were at risk, adding: “We never created the situation. We had a five-year agreement. Proton thought they can bully us out. We honestly worked hard to revive the Lotus name in F1.” 

Fernandes did however, claim that he was willing to listen to ‘sensible’ offers prior to the court hearing to decide the outcome, scheduled for March 21. “I hope it will end soon,” he added. “The legal row does not help, that’s for sure.”