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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Tony Fernandes 'rejects' Lotus Formula One offer AFP - Sunday, February 13 Send IM Story Print Tony Fernandes 'rejects' Lotus Formula One offer KUALA LUMPUR (AFP) - – Aviation tycoon Tony Fernandes said he had rejected a six million pound ($9.7 million) offer to settle the Lotus naming dispute that has embroiled two Formula One teams. After a 16-year absence, the Lotus name returned to Formula One last season under Fernandes, the flamboyant founder of Malaysia-based budget carrier AirAsia. But in September, Malaysian automaker Proton, which owns a controlling stake in Lotus, terminated Fernandes' licence, forcing him to drop the original name of Lotus Racing and compete as Team Lotus this season. Then in December the Lotus group took a major equity stake in the Renault Formula One the team for this season, which is now renamed "Lotus Renault GP" for the 2011 season. Fernandes and two other Malaysian associates bought the rights to use the Team Lotus name from David Hunt, brother of late British 1976 world champion James Hunt. State-owned Proton, which bought into Group Lotus in 1996, claims it alone has the rights to the brand and rejects Fernandes' new Team Lotus incarnation. "It was six million pounds for an out of court settlement. Of course I would like to end it but the proposal by Proton would have bankrupted the company. We could not accept it," Fernandes told AFP. Fernandes, a great fan of the Lotus glory days, said that 250 jobs, and huge investments by shareholders, were at risk. "We never created the situation. We had a five-year agreement. Proton thought they can bully us out. We honestly worked hard to revive the Lotus name in F1," he said. Fernandes said he remained open to settling the dispute out of court as the March 21 hearing date in London's High Court draws nearer, as the row is keeping sponsors away. "I hope it will end soon. The legal row does not help. That is for sure," he said. The head of Lotus Renault GP in January launched a bitter attack on rival Team Lotus, which he accused of damaging Formula One by fighting to keep the name of the legendary automaker. "Honestly, there's only one Lotus car company," said Lotus Renault chairman Gerard Lopez. "I don't think there's any question about who is going to be who on the race track, but I think it's quite damaging to have that go around the Lotus name." Despite the complex legal dispute, Team Lotus is busy preparing for the season opening race in Bahrain on March 13. Unless an agreement is forged there will be two teams on the grid under similar names. Team Lotus is aiming to finish the 2011 season in the top eight. "At Valencia the team did a good time during pre-season testing," Fernandes said. The two drivers, Jarno Trulli and Heikki Kovalainen, made good progress in their new T128 car in the early February test. Team Lotus chief executive Riad Asmat in December said they had anticipated Proton's move into F1 but that it would not deter them from building on their 10th place achieved in the first season. Recommend Send IM Story Print Related Articles Rio CEO targets iron ore as demand booms AFP - 57 minutes ago MIDEAST STOCKS - Factors to watch - Feb 13 Reuters - 1 hour 16 minutes ago RPT-Emirates picks banks for bond issue - IFR Reuters - 1 hour 21 minutes ago S.Korea firms win $2.5 bln order from Saudi AFP - 1 hour 27 minutes ago TABLE-IVRCL Infra Oct-Dec net profit flat, lags f'cast Reuters - 1 hour 41 minutes ago News Search Top Stories Airlift rescues abandoned LA chihuahuas Greece slams 'unacceptable' EU-IMF asset sale call Weber says he had 'minority' view on key issues Iraq suicide bomber kills 27 Shiite pilgrims Erik Guay claims ski world downhill gold More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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