Monday, 4 May 2015

Lotus F1 Team set to post a profit for the first time in years following restructuring and cuts

(Lotus F1 Team)

Lotus F1 Team CEO Matthew Carter has revealed that the Enstone based outfit are doing well financially in 2015 and will for the first time in many years post a profit for 2014 when their financial results are released shortly.

The team managed to reduce their costs dramatically by ending the power unit partnership with Renault early. It is believed that the outfit paid £6 million for Renault units but have now switched to Mercedes which would appear to have been an inspired decision as the German manufacturer have arguably the powerful engine in Formula One at this time.

Carter revealed that another reason for their improved financial footing is as a result of the drastic cutbacks that the team had to make in terms of personnel due to their terrible year in 2014 which saw the team finish in eighth place in the champion on 10 points.

The team’s fortune can also be put down to the fact that they have a new long term sponsorship agreement with Venezuelan oil giant PDVSA who came on board with the arrival of Pastor Maldonado who replaced Kimi Raikkonen at the end of the 2013 season. The team have also managed to pay Kimi Raikkonen the outstanding salary that he was owed which was seen as one of the reasons why the Finn left Lotus at the end of the 2013 season.

The team will have a massive upgrade package for this weekend’s Spanish Grand Prix at the Barcelona Circuit De Catalunya which the team hope will surprise the paddock and lead to more on track success for the team.

Carter also revealed that Lotus have re-introduced a graduate programme which has seen a number of young engineers join the outfit.

© Ben Johnston 2015

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