Team Lotus/Quantum Deal
Discussion
What are we thinking here?
Saw the head of Quantum interviewed on Sky yesterday, who made it clear the deal was nearly done: Job security for all, Hulkenberg in the race seat, major sponsors queuing up.
But how can a deal to move several million take so long? What compliance issues take this long to resolve? Whole thing seems like a scam to me, and I hope that Lotus can move on, even with Maldonado, without the cash. They deserve better.
Saw the head of Quantum interviewed on Sky yesterday, who made it clear the deal was nearly done: Job security for all, Hulkenberg in the race seat, major sponsors queuing up.
But how can a deal to move several million take so long? What compliance issues take this long to resolve? Whole thing seems like a scam to me, and I hope that Lotus can move on, even with Maldonado, without the cash. They deserve better.
Taki Inoue posted on twitter today a picture of that Nigerian Prince that was involved in the Orange F1 team for a short while until it came clear he had no money either.
I just cannot see the Quantum deal being done after all this time and have no idea why the guy was even at Austin this weekend.
I just cannot see the Quantum deal being done after all this time and have no idea why the guy was even at Austin this weekend.
If it happens I'll certainly be surprised. Seeing Mansoor Ijaz being interviewed just made me think "con man."
I've unfortunately had dealings with a chap who made all sorts of promises about having funding for a project I was working on and the language and the way he spoke was almost uncannily similar to what Ijaz had to say. Needless to say, it was total garbage then and no money ever materialised, just lots of promises about "middle eastern" investors.
I am suprised that Genii have allowed this to go on as long as they have, they must really want out to entertain this bloke. If I can do a google search and discover his dodgy past within a couple of minutes, then they must have done the same. If it does all fall apart as seems likely, then they are going to look like gullible fools and that's hardly a good look for a firm such as Genii.
I've unfortunately had dealings with a chap who made all sorts of promises about having funding for a project I was working on and the language and the way he spoke was almost uncannily similar to what Ijaz had to say. Needless to say, it was total garbage then and no money ever materialised, just lots of promises about "middle eastern" investors.
I am suprised that Genii have allowed this to go on as long as they have, they must really want out to entertain this bloke. If I can do a google search and discover his dodgy past within a couple of minutes, then they must have done the same. If it does all fall apart as seems likely, then they are going to look like gullible fools and that's hardly a good look for a firm such as Genii.
The Reddit article above is fascinating reading.
Supposedly Team Lotus is an international business who should be conducting due diligence on all their business dealings. When you hear stories about Kimi not getting paid, and then the background to this Quantum deal, you have to wonder quite how desperate things have got at Lotus.
To be frank, any reputable company wouldn't touch Quantum with a barge pole, that Lotus are is a sad, but accurate reelection of the current state of F1.
Supposedly Team Lotus is an international business who should be conducting due diligence on all their business dealings. When you hear stories about Kimi not getting paid, and then the background to this Quantum deal, you have to wonder quite how desperate things have got at Lotus.
To be frank, any reputable company wouldn't touch Quantum with a barge pole, that Lotus are is a sad, but accurate reelection of the current state of F1.
The point made in that Reddit thread about what Quantum (if it was legit) would actually gain from buying Lotus speaks volumes.
They aren't a brand, and they aren't a car manufacturer - so what is actually in it for them by buying a upper mid tier F1 team?
As far as I can make out it just seems like a giant wheeze on the part of Mansoor Ijaz.
They aren't a brand, and they aren't a car manufacturer - so what is actually in it for them by buying a upper mid tier F1 team?
As far as I can make out it just seems like a giant wheeze on the part of Mansoor Ijaz.
Maybe they are aware but it keeps them and their sponsors in the papers and internet forums....
It is a shame as i feel they have punched well above ther weight over the last 2 seasons and have stepped up to being one of the big 4 even if their budget and number of employees are fully stretched.
I hope they find funding to keep going at the competetive level they have been and not dropping back into Mclaren - sorry force india levels
It is a shame as i feel they have punched well above ther weight over the last 2 seasons and have stepped up to being one of the big 4 even if their budget and number of employees are fully stretched.
I hope they find funding to keep going at the competetive level they have been and not dropping back into Mclaren - sorry force india levels
Justaredbadge said:
He has a history of fraud, sham companies and false promises.
There is no money.
Lotus will end up taking the venesualen shilling.
There are rumors that there is more than one team on the brink of bankruptcy. That was Kimi's threat to make sure he got paid.There is no money.
Lotus will end up taking the venesualen shilling.
My guess is that Renault may step back in the ring if they can buy the team back for the price they sold it - 1€.
Force India must be in massive problems. The last I read the owner of Sahara has a court injunction preventing him from travelling anywhere without the court's permission and Dr. Mallya is constantly fighting fires with his businesses. Kingfisher airways is permanently grounded.
Williams made a loss on £43 million turnover last year when they had Venuzulan cash and cheaper engines.
Significant chunks of the show are reaching breaking point. Meanwhile, Mercedes, Ferarri, Red Bull and McLaren keep throwing shed loads of cash at problems.
rdjohn said:
There are rumors that there is more than one team on the brink of bankruptcy. .
You only have to have a look at the number of major non-motor industry sponsors involved with F1 just a few years ago to now to see where the problem lies. I know the recession has bit hard but there must be a reason they aren't now beginning to creep back. Instead, Vodafone have jumped and even McLaren are having difficulty attracting a big firm to replace them.Anyone might think there was something wrong with the 'show'...
rdjohn said:
Justaredbadge said:
He has a history of fraud, sham companies and false promises.
There is no money.
Lotus will end up taking the venesualen shilling.
There are rumors that there is more than one team on the brink of bankruptcy. That was Kimi's threat to make sure he got paid.There is no money.
Lotus will end up taking the venesualen shilling.
My guess is that Renault may step back in the ring if they can buy the team back for the price they sold it - 1€.
Force India must be in massive problems. The last I read the owner of Sahara has a court injunction preventing him from travelling anywhere without the court's permission and Dr. Mallya is constantly fighting fires with his businesses. Kingfisher airways is permanently grounded.
Williams made a loss on £43 million turnover last year when they had Venuzulan cash and cheaper engines.
Significant chunks of the show are reaching breaking point. Meanwhile, Mercedes, Ferarri, Red Bull and McLaren keep throwing shed loads of cash at problems.
Not great, but not awful - their cash position is similarly OK and the balance sheet doesn't seem to have obvious holes.
Williams aren't in great shape (and they'll lose a good chunk of cash, obviously, with the departure of Malcontento), but then again they're not going bust. They'llprobably be able to partially replace Venezuelan cash with Brazilian sponsorship (Felipe's very popular back home, remember). And their drivers have actually been paid in 2013, unlike quite a few teams.
Force India, on the other hand............unless a miracle happens, I can't see them being around at the end of 2014.
Do you think it's getting to the point where f1 has to look at moto gp to make running a team cheaper?
ie the top teams have to produce a customer/production car at a set cost, the car won't be getting on the podium but it won't be coming last either and will be a more affordable way to get cars on the grid.
ie the top teams have to produce a customer/production car at a set cost, the car won't be getting on the podium but it won't be coming last either and will be a more affordable way to get cars on the grid.
Chrisgr31 said:
The Hypno-Toad said:
Instead, Vodafone have jumped and even McLaren are having difficulty attracting a big firm to replace them.
I read somewhere that Samsung are gpoing to be the new title sponsor.Gassing Station | Formula 1 | Top of Page | What's New | My Stuff