Renault talks leave Lotus F1 team in PDVSA invoice hold-up - autosport.com
The Lotus Formula 1 team's current financial crisis stems from it being unable to invoice key sponsor PDVSA due to ongoing negotiations with Renault, AUTOSPORT has learned. Lotus's board is this week due to accept an offer from Renault of £65million for a 65 per cent stake in the Enstone-based organisation following a highly-successful presentation meeting between the parties held on Monday. The takeover will end the uncertainty surrounding the debt-ridden team, which was last under Renault ownership in 2010, and guarantee the futures of the 400 staff. Following the Belgian Grand Prix Lotus's trackside director of operations Alan Permane remarked: "This is the worst season we've had financially, no doubt. Lotus is currently sitting on a $50million (£32. 5m) invoice to PDVSA, Venezuela's state-owned oil and gas giant, for the services of Pastor Maldonado. PDVSA pays the money in advance in late July/early August ahead of Maldonado's drive the following year. Without the money from PDVSA for Maldonado, Lotus has been unable to pay its bills or invest in the development of the car, which still scored a superb third at Spa with Romain Grosjean at the wheel. Source: www.autosport.com
