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Lotus buys sportscar maker Caterham
Source: Agencies |
April 28, 2011, Thursday
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FORMULA One's Team Lotus announced the purchase of Caterham Cars yesterday in a deal linking the niche sportscar maker to the glamor world of grand prix racing.
The takeover by team principal Tony Fernandes and fellow Malaysian associates Kamarudin Meranun and SM Nasarudin turns the wheel full circle for the company's famed lightweight Seven model.
The affordable British-built sportscar, launched in 1957 and still raced around the world, was designed by Colin Chapman - founder of the original Team Lotus - before he ended production and sold the rights to Caterham in 1973.
"It's a commercial deal more than anything," Fernandes said at Duxford airfield in eastern England.
"We think now we have a jewel in the crown in Caterham. There's a little bit of Lotus DNA there but we are able to take the Caterham brand to a much larger audience and also transfer technology from the F1 One team into Caterham Cars.
"We always wanted to be a manufacturer. Now we are a tiny manufacturer but everyone starts small and you've got to start somewhere," he added. "But at least now we've got the genesis and a strategy of what we are trying to put together."
Leadership
Caterham's existing management team will remain in place under the leadership of former Lotus Cars executive Ansar Ali.
The announcement comes at a time when Team Lotus is locked in a legal battle with Malaysian-owned Group Lotus and carmaker parent Proton over the use of the evocative Lotus brand name.
The London High Court is due to make a ruling next month, and the Caterham deal would also give Fernandes a fallback option should the decision go against him.
"This isn't being done ... just in case we lose the case," he said. "We've invested a lot in bringing Lotus back into racing. We've acquired Team Lotus, have spent a lot of money building this brand up, and it's not something we want to give up.
"I and the shareholders want to wait and see what happens with the court case and then we'll make plans from there," added Fernandes when asked whether Caterham could ultimately become his team's title sponsor.
The takeover by team principal Tony Fernandes and fellow Malaysian associates Kamarudin Meranun and SM Nasarudin turns the wheel full circle for the company's famed lightweight Seven model.
The affordable British-built sportscar, launched in 1957 and still raced around the world, was designed by Colin Chapman - founder of the original Team Lotus - before he ended production and sold the rights to Caterham in 1973.
"It's a commercial deal more than anything," Fernandes said at Duxford airfield in eastern England.
"We think now we have a jewel in the crown in Caterham. There's a little bit of Lotus DNA there but we are able to take the Caterham brand to a much larger audience and also transfer technology from the F1 One team into Caterham Cars.
"We always wanted to be a manufacturer. Now we are a tiny manufacturer but everyone starts small and you've got to start somewhere," he added. "But at least now we've got the genesis and a strategy of what we are trying to put together."
Leadership
Caterham's existing management team will remain in place under the leadership of former Lotus Cars executive Ansar Ali.
The announcement comes at a time when Team Lotus is locked in a legal battle with Malaysian-owned Group Lotus and carmaker parent Proton over the use of the evocative Lotus brand name.
The London High Court is due to make a ruling next month, and the Caterham deal would also give Fernandes a fallback option should the decision go against him.
"This isn't being done ... just in case we lose the case," he said. "We've invested a lot in bringing Lotus back into racing. We've acquired Team Lotus, have spent a lot of money building this brand up, and it's not something we want to give up.
"I and the shareholders want to wait and see what happens with the court case and then we'll make plans from there," added Fernandes when asked whether Caterham could ultimately become his team's title sponsor.
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