Proton insistent to get a share of Renault F1 team
Proton is very eager to make a deal with the Renault F1 team before the beginning of the 2011 season. The Malaysian automobile manufacturer has confirmed that it wants a good share in the team and for this talks are already going on.
There had been reports earlier this year that the Malaysian car manufacturer was looking forward for a title sponsorship deal with the French team, Renault. Also, there were speculations that the team will be seen in the next calendar as Lotus- Renault.
However, as per some recent reports the discussions are being carried even though the title sponsorship is not confirmed. Proton owns the famous Malaysian car manufacturer, 'Lotus Group' a name already very popular in the Formula One world.
The ‘Team Lotus’ is the former classic team of the sport that saw a glorious period in the sport in 1960s and 1970s. However, the entry of the title as Lotus Racing in the 2010 season has not seen a good period, and finally as the season reached to an end
an intense dispute which still remains unsettled began between the Lotus group and the new Lotus Racing team over the title.
The parent company, Proton is still reluctant to make any further ties with the young Malaysian team; instead the group managing director, Datuk Syed Zain al Abidin Syed Mohamed Tahir said that he is quite hopeful for signing a deal with Renault very soon.
Proton is expected to purchase 25 per cent of the team’s share before they enter the next season.
While talking to the media earlier today the managing director said, "Yes, that's the intent. A decision will be made soon. We're close, just wait for a few days. (The) 25 per cent (shareholding) is something that we are discussing. It's still too premature
to disclose the exact percentage but it has to be a position where we can control our brand."
Moreover, Genii Capital, the Luxembourg-based investment firm that owns most of the shares of Renault F1, has also shown a lot of interest in making the deal. The majority shareholder of the racing team Gerard Lopez, who is the chairman of Genii also told
the press just a little while ago, “We know the people at Proton quite well and the people at Lotus Group quite well and we have been looking at Lotus Group investment for the past 15 months or so. There is a high chance of something happening between Lotus
Group and Genii Capital and Proton but we're not there yet."
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