From Motor Sport Business Forum report
Tony Fernandes, Team Principal of the new Lotus F1 Racing team delivered the major address on the first day of the 2009 Motor Sport Business Forum in Monaco. Fernandes, who is also the CEO of successful airline AirAsia, revealed new details about his team and its ambitions in Formula One. He believes that despite the recent withdrawal of manufacturers from the sport, it is a great time to be in Formula One. He said: "We see opportunities and I think things are going the right way. Costs may be coming down but I still think it's a phenomenally successful sport. We have a budget of 55 million pounds this year to get the team going. That involves a lot of start-up costs. We have had to build everything from scratch. However, we're about a week ahead of schedule for being on the grid." Fernandes added: "We have a licensing agreement with Lotus owner Proton and over time that relationship will grow. Lotus will probably buy into the team at some stage. More and more technology from our side will flow into Lotus cars and we will promote the Lotus brand. I see it in time being no different from how Ferrari works." The business model for new teams has certainly improved with the introduction of Cosworth as an independent engine manufacturer. Teams can now buy engines for a fraction of the cost they were being developed previously. Cosworth General Manager Mark Gallagher said: "Whilst the manufacturers were supportive of the new teams they couldn't commit to supply deals. This is now understandable in the case of Toyota and BMW. Cosworth had to make a commitment to come into F1 and guarantee to make engines as cheap as possible. We are now supplying engines for 10 per cent of a team's budget." Photos: Lotus
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