Danish online trading investment group Saxo Bank has announced a one-year sponsorship agreement with Lotus F1, easing the financial concerns surrounding the Formula One motor racing team.
Saxo Bank will use the Lotus F1 branding throughout the 2014 season and benefit from access to the team’s portfolio of partners, which includes Microsoft, Clear and Rexona from Unilever and Coca-Cola.
A Lotus F1 car will be exhibited at Saxo Bank’s Copenhagen base to mark the firm’s move into motor racing, having enjoyed a title sponsorship spot with the Riis Cycling UCI WorldTour team since 2008.
Lotus finished fourth in the 2013 constructors’ championship but speculation over its future has increased after investment talks with Quantum Motorsport broke down. The talks were intended to lead to the Middle East private investment group securing a 35 per cent stake in the team.
Lotus’ entry for the 2014 Formula One season was marked as subject to confirmation when announced by the International Motorsport Federation (FIA) earlier this month and Lotus will miss F1’s opening pre-season test in Jerez, Spain. However, the acquisition of Venezuelan driver Pastor Maldonado has brought significant sponsorship backing from the South American country’s state oil company PDVSA and, although a date is yet to be confirmed, Lotus has indicated it will unveil its 2014 car ahead of the first of two scheduled Bahrain tests in February.