Lotus in financial trouble as debts mount

Gerard Lopez with Kimi Raikkonen in happier times

Gerard Lopez with Kimi Raikkonen in happier times

Alarming news is emerging about the financial health of Lotus team owner Gerard Lopez has emerged and the investment company he runs.

Together with Eric Lux, fellow Luxembourger Lopez heads Genii Capital, which owns the Enstone based team.

After finishing a strong fourth in the last two constructors’ world championships, Lotus is currently down in eighth and battling with backmarkers, after a particularly difficult first half to the 2014 campaign.

And according to the Luxembourg newspaper Tageblatt, the financial news is even worse.

Accounts just filed with the commercial register for 2012 show an annual loss of almost €53 million, with company equity listed as minus €128 million.

The report said that just one year ago, the loss was only 55 million, while total debt is now shown at a whopping €185 million.

Tageblatt also claims that although company filings are due no later than seven months after the end of the financial year, Genii only filed the accounts for 2011 and 2012 in mid-July of this year.

The accounts for 2013 have not yet been filed. (GMM)