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Lotus boss says majority of F1 teams battling funding issues

Dec 23, 2013, 6:08 PM EST

F1 Grand Prix of Malaysia - Practice Getty Images

Lotus chairman Gerard Lopez (pictured) has told a Russian website that he believes most of the Formula One paddock is dealing with financial issues, declaring that “for 80 percent of the teams, their financial situation is no better than ours.”

The cost of doing business in the world’s most popular motorsport has become a very big problem to the smaller teams. A cost cap is set to debut in 2015, but considering the amount of spending that is done by the bigger teams like World Champion Red Bull, one may have the sense of “I’ll believe it when I see it” when it comes to that initiative.

This past year, Lotus was in the headlines for its money woes as they were for Kimi Raikkonen and Romain Grosjean’s exploits on the track. However, Lopez noted to F1News.ru that with the global economy still limping along, teams have been forced to abandon the usual investment/sponsorship route.

“I can go to potential investors and say ‘I want to sell millions of cars running on renewable energy and hybrid technology’ and they tell me ‘Wow! Let’s see what we can do!,” he said to the Russian site.

“But if I say that I want money for F1, to participate in one of the biggest sporting events in the world, you don’t get the same answer.”

And with that comes the side effect of choosing drivers on the amount of funding they bring to the table instead of on pure talent.

Lotus can certainly relate, as team principal Eric Bouiller has said that Pastor Maldonado’s extensive sponsorship played a role in him gaining their second race seat alongside Grosjean in 2014.

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