F1: Lotus has budget to complete season

Lotus CEO Matthew Carter has confirmed the team has a budget in place to see out the remainder of the Formula 1 season.

The future of the F1 team is currently up in the air as it is struggling financially, with discussions ongoing with Renault about a possible takeover. Questions recently arose as to whether Lotus would be in a position to take part in this weekend's Italian Grand Prix after its trucks were impounded following the race in Belgium due to a dispute with former reserve Charles Pic.

Although the team was late in setting up at Monza, they were back on track for Friday practice, and will be for the remainder of the weekend.

Asked whether the team would be at the next race in Singapore, though, Carter (BELOW) replied: " I can guarantee you we'll be in Singapore.

"One of our sea-freight containers has left, our airfreight will leave next week. We will be in Singapore.

"The financial issues are all over the press, everyone is aware of them. We're working as hard as we can behind the scenes to get them sorted out.

"None of them have become terminal, obviously. We're still here, we're still racing and we will continue to do that. As far as the rest of the races this season, we have a budget in place and we will operate to that budget and will be at all the races."

Renault's takeover is now in the final stages, with the French manufacturer's board currently reviewing documents relating to the deal that were signed off by the Lotus board on Wednesday.

It had initially been hoped Renault's $100 million move to take a 65 percent majority stake in Lotus would be finalized this week. But given the complexities of the agreement, it now appears likely the matter will drag into the early part of next week.

Addressing the situation, Carter added: "It's difficult for me to say too much. The ownership and shareholding of the team are down to our current shareholders and our potential future shareholders. All I can tell you is negotiations with a certain car manufacturer have been ongoing for a number of months behind the scenes.

"I'm hopeful that's going to secure our future one way or the other going forward. And when I say one way or the other, it just means we have more than one option going forward to secure the future of the team."

Originally on Autosport.com