Sep 5, 2013, 7:00 PM EDT
Lotus F1 Team has today announced that it has entered a new partnership with Dubai real estate company Emaar Properties as the team looks to ease the financial uncertainty at Enstone.
Although the extent of the team’s financial problems has not been revealed, Kimi Raikkonen did confirm at the Belgian Grand Prix that things “aren’t as they should be” concerning his contract. Further to this, team owners Genii Capital have been actively seeking fresh investment to aid the situation. Although this deal will by no means calm the waters at Lotus, it does mark the beginning of a fresh partnership.
“We are delighted to begin this new relationship with Emaar Properties; particularly as the UAE has been a fruitful location for us on track with Kimi Raikkonen winning the 2012 Abu Dhabi Grand Prix,” team principal Eric Boullier explained. “With this new partnership with the developer of such iconic projects as Burj Khalifa and The Dubai Mall, we are looking forward to some home support as we race in the UAE once again this year.
“We are also very excited to see how this partnership will further enhance Lotus F1 Team’s brand value.”
As Boullier mentioned, Emaar Properties boasts a remarkable portfolio, making the company a lucrative partner for Lotus to work with. Chairman of Emaar Properties Mohamed Alabbar was similarly optimistic about the agreement.
“Our partnership with Lotus F1 Team, a remarkable team with impeccable credentials in the racing circuit, is therefore a perfect fit to our own values,” he explained.
With the sport’s profile continuing to grow in the region, signing a deal with a Dubai-based company will be beneficial for Lotus. However, it remains to be seen just whether the deal plays a part in securing Kimi Raikkonen’s services for 2014.