Lotus looks for Malaysian backers 13/11/2009 |
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New Formula One team Lotus will turn to Malaysian companies for sponsorship to help it survive its first season in 2010.
Lotus was launched two months ago as a collaboration between the Malaysian government, which holds no equity in the team, and a trio of entrepreneurs.
A team director told Malaysia’s Bernama news agency that the company would look to attract investors from various corporate bodies, including government-linked companies (GLCs) in Malaysia.
“What is wrong with asking for sponsors from GLCs like Petronas?” said Kamarudin Meranun.
“If Petronas can sponsor a foreign F1 team, why should the national petroleum company not sponsor a local team?”
Malaysia’s state oil company previously sponsored the BMW-Sauber team, which is pulling out of F1.
Lotus’s start-up capital of about $47m is a fraction of Ferrari’s budget, estimated at between $300m and $400m.
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