GPWizard F1 Forum
F1 News & Discussions => General F1 Discussion => Topic started by: John S on September 02, 2015, 11:24:37 AM
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Pastor's $50m pro-forma unpaid until drive sorted.
Good news is they are at Monza though. :yahoo: :yahoo:
He may wreck a lot of parts but boy the whole Lotus crew is sure reliant on his backers advance payments, according to Autosport.com. :swoon:
Hell Renault are rumoured to be paying only twice Pastor's sponsorship for the whole Enstone team. Might be cheaper for PDVSA to buy the whole lot if they want Pastor in for a few more years. :D
The Lotus Formula 1 team's current financial crisis stems from it being unable to invoice key sponsor PDVSA due to ongoing negotiations with Renault, AUTOSPORT has learned.
Lotus is currently sitting on a $50million (£32.5m) invoice to PDVSA, Venezuela's state-owned oil and gas giant, for the services of Pastor Maldonado.
PDVSA pays the money in advance in late July/early August ahead of Maldonado's drive the following year.
But despite the fact the 30-year-old has a contract for 2016, the Renault takeover means his future is uncertain at this stage, and so the invoice has been put on hold.
Without the money from PDVSA for Maldonado, Lotus has been unable to pay its bills or invest in the development of the car, which still scored a superb third at Spa with Romain Grosjean at the wheel.
Renault is evaluating its driver options and is first looking to speak to PDVSA and Total, Grosjean's primary backer, before committing to either man.
It is believed Grosjean will ultimately be retained, while it is likely Renault will honour Maldonado's deal for 2016, with an option for '17.
Renault has aided Lotus's cause in part by opting not to take money owed to it by the team following the termination last year of the engine supply deal.
With Renault appreciating the fact its stance on Maldonado has placed Lotus in an awkward financial position until the completion of the takeover, the penalty payments have been suspended.
Lotus has also confirmed that its trucks have departed for this weekend's Italian Grand Prix as scheduled.
Extracts from longer piece By Ian Parkes, courtesy Autosport.com, Mon 1st Sept.