Categories: F1 News, Reports and Race ResultsLotus F1

Bernie provides lifeline to Lotus amid Renault talks

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As negotiations between Lotus and Renault are set to reach a head in the coming days, with the Enstone squad's future and survival at stake, the team remains in financial straits as debt continues to accumulate as well as legal proceedings involving creditors and unpaid suppliers.

Bailiffs also entered the fray in Belgium at the instigation of former Lotus reserve driver Charles Pic, impounding Lotus F1's trucks and equipment at Spa for the entre duration of the week.

It has now come to light that Bernie Ecclestone may have saved the cash-strapped outfit from impending doom last month by handing over £1.5M to pay the wages of the 400 staff.

"I thought I should cover the wages of the people there to make sure they were all right and so that Lotus would at least get to Spa and, hopefully, to Italy," Ecclestone commented.

Lotus/Renault deal imminent

Lotus has said that its equipment and support staff are on their way to Monza for next weekend's Italian Grand Prix but Ecclestone's critical influx of cash is perhaps the clearest indication yet that if buy-out talks between Lotus and Renault fail, the British team's permanent demise would be considered a certainty.

Renault is thought to be prepared to offer about £60M for a 65% stake in Lotus.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.