Quantum Motorsport’s investment deal to buy in to the Lotus Formula 1 team is still being worked on, despite the team announcing Pastor Maldonado for next year.
The signing of Maldonado has been interpreted by some as an indication that Quantum’s efforts to buy a 35 per cent stake in the team had failed.
However, high level sources from within the investment group as well as Lotus have revealed that efforts to complete the Quantum deal are ongoing and have been ramped up over recent days.
It is understood that meetings are taking place this weekend between Quantum representatives and Lotus owners Genii Capital to finally sort out the situation.
It is also hoped that the banking complications that have prevented the transfer of monies to Lotus’ accounts can now be overcome soon to ensure the deal is complete.
Getting the financial situation resolved has been complicated by the fact that Quantum is backed by numerous investors, including business interests from Russia and Abu Dhabi, the Kuwaiti Royal Family and another major Middle Eastern oil-producing nation.
Despite the numerous delays in completing the deal, Lotus and Genii have kept faith in the project because in October the monies were actually transferred to their accounts, prior to a request from authorities for it to be resubmitted in smaller amounts because of strict banking stipulations.
With Maldonado now confirmed for next year, Lotus is no longer under immediate pressure to rush the Quantum deal through as the team’s short-term future is at least secure.