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Renault team principal Eric Boullier says team has strong financial backing – Formula 1 news

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Renault team principal Eric Boullier says team has strong financial backing – Formula 1 news
Formula 1 Renault team principal Eric Boullier has stated that Lotus Renault GP are financially strong and have some good backing from different partners.
Boullier added that the news of Renault being on the low side financially has been guided by some media group and was not true.
Boullier admitted that some loans to the parent company Renault are still to be paid but the company is in the best possible condition in the 2011 Formula 1 season.
“We have a seven year sponsorship agreement with a title sponsorship level, which is a lot of money, and that is the best that we can dream to have. We have some pending loan payments for the future. We have absolutely no issue at all. Everything is fine,
perfectly fine,” commented Boullier.
He also said that such rumours were only fired up by a media group and Renault are not losing ground in terms of finance.
Boullier added, “Like any business, we have some loans for our own business and our own investment, but we don't have any debt now to Renault in 2011. We have a multi-year contract and a special agreement between us and Renault, like when you pay your mortgage
back.”
Moreover, the Frenchman revealed that the company’s partnership with Lotus is very strong and despite Lotus losing the rights to the ‘Lotus’ name, the sponsorship money will keep coming.
These rumours would have caught more fire two years ago when Renault were really struggling to bring any development in their car due to financial issues. After the inclusion of Russian driver Vitaly Petrov in the team, Renault clearly showed that they are
not looking for talent but money.
Petrov brings with him a multi-million sponsorship from a Russian oil company. Along with that, Russian car manufacturers Lada are also putting some extra pounds to the team’s research and development department.
For the 2011 season, Renault team has brought some huge developments, especially the exhaust system, which has paid off as the team find themselves ahead of the Mercedes team in terms of points in the ongoing term.

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