Lopez hits back at Genii financial reports

2,046 views

Gerard Lopez has lashed back at reports suggesting Lotus team owner Genii is in dire financial health.

The Luxembourg newspaper Tageblatt reported recently that Genii, headed by Lopez and his business partner Eric Lux, is recording ever-growing losses and debts.

People are trying to compare apples with pears when it should be apples and apples.

Gerard Lopez

Britain's Independent newspaper said Lopez, although based in Luxembourg, flew in his private jet to Genii's London headquarters to "put the record straight".

"It's absurd to say that Genii has financial problems," he insisted. "Yes, Lotus has lost money, like every other F1 team in the world."

Lopez said the Enstone based team cost Genii "about EUR 50 million" last year and debt is currently about 100 million, but "the rest of Genii is profitable".

"We support Lotus with debt, not sponsorship like the other big teams," he explained. "People are trying to compare apples with pears when it should be apples and apples."

The newspaper also said Lotus' accounts for 2013 will show improved figures.

"What's amusing to us," Lopez continued, "is that Lotus - the David against the Goliaths - is always in the public eye more than the big teams like Red Bull and Ferrari.

"But F1 is a bitchy world and smear campaigns between rival teams are commonplace."

Write a comment
Show comments
About this article
Series F1
Article type Breaking news
Tags eric lux, genii, gerard lopez

User photos

erikjunius
F1

erikjunius

37 photos
EuroRacer
F1

EuroRacer

21 photos
SurdinP
F1

SurdinP

1 photos
max
F1

max

29 photos
ADLITIKA
F1

ADLITIKA

213 photos
Kevin_Bennett_Photo
F1

Kevin_Bennett_Photo

139 photos
PiBiPhoto
F1

PiBiPhoto

47 photos
Upload photo