The Lotus F1 team was implicated in a winding-up court proceeding earlier this month and it now seems the team will need to find some serious cash to payoff creditors if it plans on continuing in F1.
According to a report, the team will need to clear nearly $1 million in debt:
“This year, according to court documents, 27 “unsatisfied judgments” worth £561,408 in all, have been made against Lotus.
The largest of these was £132,816 and the smallest was the demand for £97. The most recent was on July 10 for £1,571.”
Reading some of the responses from the team gives me the impression that it is, simply, what it is and they expect the court to re-assemble in September for some go-forward decisions.
Reality is, this is a serious concern for the team and has fueled some of the talk about Renault buying the team (which would be re-buying the team as they sold it to Genii Capital back in 2009) and making a complete works team from the operation.
according to the article, Lotus made a £64.9 million net loss on revenues of £92.7 million and clearly there were folks who have not been paid yet so things are getting very concerning.
Hat Tip: The Express