Lotus F1 Team owner Gerard Lopez has confirmed that the team's deal with Quantum Motorsports has been cancelled.
The investment consortium, led by Mansoor Ijaz, had announced their plans to buy a 35 per cent stake in the team last June, but following months of speculation and uncertainty, the deal has - as many predicted - not been completed.
The Enstone-based outfit's financial struggles over the last 12 months have been well documented, and when the deal with Quantum was announced, it looked set to ease their problems and help them pay the salary owed to Kimi Raikkonen and secure Nico Hulkenberg as his replacement.
However it has ultimately not been completed, although with the recruitment of Pastor Maldonado to partner Romain Grosjean, Lopez says they do have the budget to compete in 2014.
"The Quantum money never arrived," he told Auto Motor und Sport. "We have now cancelled the deal. 2014 is complete with our new sponsor PDVSA’s budget. We will not make any new debt."
The wide-ranging interview also confirmed that Kimi Raikkonen has been paid part of what he is owed by the team. The 'Iceman' publicly criticised the team for not paying him and he even threatened to not race.
However, he eventually decided to miss the final two rounds of 2013 due to back surgery, ahead of his return to Ferrari. "He got part of his salary, and he will get the rest," said Lopez.
He also commented on the fact that Lotus will miss the first winter test in Jerez, which some think could be a costly mistake. "There is also Red Bull, Toro Rosso and Caterham testing [the Renault engine], and the findings will also benefit us," he said.
"Any changes Renault makes before the Bahrain test will also be in our car…The first real test is in Bahrain. Before that, we can find more laptime in the factory."
Lopez also confirmed that the team amassed £114 million of debt last year, of which £80 million is owed by the team to Genii Capital.
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| © Octane Photographic |
The Enstone-based outfit's financial struggles over the last 12 months have been well documented, and when the deal with Quantum was announced, it looked set to ease their problems and help them pay the salary owed to Kimi Raikkonen and secure Nico Hulkenberg as his replacement.
However it has ultimately not been completed, although with the recruitment of Pastor Maldonado to partner Romain Grosjean, Lopez says they do have the budget to compete in 2014.
"The Quantum money never arrived," he told Auto Motor und Sport. "We have now cancelled the deal. 2014 is complete with our new sponsor PDVSA’s budget. We will not make any new debt."
The wide-ranging interview also confirmed that Kimi Raikkonen has been paid part of what he is owed by the team. The 'Iceman' publicly criticised the team for not paying him and he even threatened to not race.
However, he eventually decided to miss the final two rounds of 2013 due to back surgery, ahead of his return to Ferrari. "He got part of his salary, and he will get the rest," said Lopez.
He also commented on the fact that Lotus will miss the first winter test in Jerez, which some think could be a costly mistake. "There is also Red Bull, Toro Rosso and Caterham testing [the Renault engine], and the findings will also benefit us," he said.
"Any changes Renault makes before the Bahrain test will also be in our car…The first real test is in Bahrain. Before that, we can find more laptime in the factory."
Lopez also confirmed that the team amassed £114 million of debt last year, of which £80 million is owed by the team to Genii Capital.
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