Lopez denies Genii financial troubles

Gerard Lopez

Gerard Lopez

Lotus owner Gerard Lopez has lashed back at reports suggesting that the team’s holding company Genii is in dire financial health.

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

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 Formula 1 team in the world.”

Lopez said the Enstone based team cost Genii “about €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 Formula 1 is a bitchy world and smear campaigns between rival teams are commonplace.” (GMM)