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DATE News (chronologically)
08/10/13
f1
Lotus team has nowhere to go but belly-up (2nd Update) UPDATE #2 Chairman Gerard Lopez has slammed reports that Lotus is in financial trouble as "unfair" to those working for the team.

Earlier this week, Germany's Motorsport-Total reported that the Enstone-based team is "in financial trouble" and fighting for "survival."

The team, the article alleges, is in debt to the tune of €120m ($160m) with salaries paid late and "suppliers and service providers" also not getting their money on time.

Lopez, however, says the debt is not "real" debt and that all salaries have been paid on time.

"On the €120 million debt, anybody half-smart can find out that number by going to Companies House records and will see that out of that, over 90 million is not 'real' debt but shareholder loans made to the company," he told Autosport.

"The salaries have always been paid on time and there has never been even a hint of a potential strike by our people at the factory.

"We usually don't comment on these things, but in this case it's unfair on the people working in the company to be saying things like that."

Lopez also insisted Lotus has the financial resources to continue with this season and the development of their car.

"We are actually bringing a number of new developments throughout the season," he added.

"What is true is that, just like everyone else, a lot of the big stuff like the double DRS has already been developed but is going to be put on the car for the upcoming races.

"In the second half of the season all you are doing is coming up with new wings, you're not look at changing the wheelbase or things like that - those are things you do in the first 10 races."

08/08/13 Lotus have reportedly paid "all salaries" to staff amidst rumors of financial trouble at the F1 team.

Earlier this week, Germany's Motorsport-Total reported that the Enstone-based team is "in financial trouble" and fighting for "survival."

The team, the article alleges, is in debt to the tune of €120m ($160m) with salaries paid late and "suppliers and service providers" also not getting their money on time.

One person has recently confirmed he has not been paid on time is Kimi Raikkonen.

"This happened last year, now again so it is not ideal," said the 33-year-old, who is considering a move to Red Bull Racing.

However, according to Lotus all salaries have now been paid up.

A team spokesperson told GPUpdate.net that "all salaries are up to date" while ruling out "any supposed strike threat" from unhappy employees.

08/07/13 Just weeks after the Sauber F1 team "has allegedly been saved, the next team, Lotus, is fighting for survival," according to Christian Nimmervoll of MOTORSPORT TOTAL. It has been known for more than a year that Lotus "is in financial trouble." New information, however, suggests that the situation "is more dire than previously expected." The team has reported a debt of more than €120M ($160M).

At the end of last season, it seemed the team "found a solution in the form of new investors." However, the deal with Coca-Cola subsidiary Burn "was only a drop in the bucket -- and the big deal with Honeywell never happened."

Again and again, team employees "have reportedly received their salaries late." In addition "to paddock rumors that report of empty warehouses at the Lotus factory -- because the team can't afford to restock them -- and past due bills of its suppliers and service providers," the relationship between F1 CEO Bernie Ecclestone and Gerald Lopez of team owner Genii Capital "went severely cold in the past year." It has been reported that Ecclestone "does not directly communicate with Lopez, only through Team Principal Eric Boullier." Motorsport Total
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