Tony Fernandes 'rejects' offer Lotus Formula One

Tony Fernandes' rejects' Lotus Formula One offer topics: Stock Market flagship New Formula One 'Team Lotus is seen here at its headquarters in Hingham, Norfolk, eastern England. Aviation tycoon Tony Fernandes, said he had rejected an offer of six million pounds ($ 9.7 million) to resolve the name dispute that has involved Lotus two teams in Formula One by M. Jegathesan, Sunday February 13 2011, 04:23 EST aviation tycoon Tony Fernandes, said he had rejected an offer of six million pounds ($ 9.7 million) to resolve the name dispute that has involved Lotus two Formula One teams.After a 16 - year absence, the name of Lotus returned to Formula One last season Fernandes, the flamboyant founder of the Malaysia-based company AirAsia.But budget in September, the Malaysian carmaker Proton , which owns a controlling stake in Lotus, Fernandes finished license, forces him to drop the original name of Lotus Racing and compete as a team this season.The Lotus Group Lotus in December had a major stake in Formula One team Renault this season, which is now called "Lotus Renault GP" for the 2011 season. Fernandes and two Malaysian partners bought the rights to use the name of Team Lotus from David Hunt, brother of late 1976, the British world champion James Hunt.State owned Proton, which bought the Lotus Group in 1996, says the only one who has the rights to the brand and Fernandes rejects new 'Team Lotus embodiment. "It was six million pounds for a settlement out of court. Of course I would like to end it, but the proposal of protons would have bankrupted the company. We could not accept," Fernandes said AFP.Fernandes, a fan the glory days of Lotus, said 250 jobs, and huge investments of shareholders were at risk. "I never created the situation. We had a five-year agreement. Protons can intimidate us thought out. Honestly worked hard to retrieve the name of Lotus in F1, which said.Fernandes said he remained open to resolving the conflict was of the courts and the hearing date on March 21 in High Court in London that close, because the row is keeping away sponsors. "I hope it ends soon. The legal dispute does not help. That's for sure, it said.The head of Lotus Renault GP in January launched a harsh attack on his rival Lotus team, which he accused of damaging the Formula One in the struggle for keep the name of legendary automaker. "Honestly, there is only one car company Lotus," Lotus said Renault chairman Gerard Lopez. "I do not think there's any doubt about who is going to be on the track, but I think it is quite damaging to have to go by the name of Lotus." Despite the complex legal disputes, the Lotus team is busy preparing for the opening race of the season in Bahrain on 13 March. Unless an agreement is forged there will be two teams on the grid under similar names.Team Lotus is the goal of finishing the 2011 season in the top eight. "In Valencia the team did a good time during preseason testing," said Fernandes. The two drivers, Jarno Trulli and Heikki Kovalainen, made great progress in its new T128 car in early February test.Team Riad Lotus executive director in December Asmat said Proton had planned to spend in F1, but can not make continuing construction of its 10 th place finish in the first season.