LOTUS MUST PERFORM OR BE SOLD

9/12/93
by Robert Heathcote, for SpeedNet

Team Lotus Limited, with 13 world championship since 1963, was saved
from the axe of creditors Monday but its fate is still hanging by a
thread.  A High Court in England ruled the team must show a improvement
in performance over the next two Grands Prix or be sold to cover debts
totaling nearly 10 million dollars.

A spokesman for the court said, "It is very sad that such an illustrious
team has to seek the protection of the court."  He added: "This reflects
their indifferent performance in the last year and a gap in
sponsorship."

As today approached, sources at Lotus were rumored to be asking 1992
Formula One Champion Nigel Mansell to help save the team from being
sold.  This was misunderstood and it was even reported by some media
that team owner Peter Collins was asking Nigel to come drive for the
team in 1995!

Collins denied Mansell was set for a return, and stressed, "There is
no truth in the rumour that he will become involved in the running of
Team Lotus.  Our enormous respect for Colin Chapman's achievements and
the Team Lotus marque is obvious, but we shall not be working together
in the future."

Lotus, the racing team, not the car manufacturer, owes Cosworth
Engineering the largest sum, for Ford-HB engines supplied to the team
last year, and the year before.

But Lotus might have been given the axe as soon as today if not for an
agreement by Cosworth with the court that the team be allowed a chance
to prove its competitiveness.

The court noted Johnny Herbert was denied a chance to race the 109
chassis and new Mugen-Honda engine at Monza in the Italian Grand Prix
yesterday, when he was involved in an unavoidable accident on the first
lap.

The court has appointed a team of "Administrators", who now have control
of Lotus.  They and will decide its fate based on performances in the
upcoming Grands Prix of Portugal and Europe and then report back to the
High Court on October 24.

The court administrators and Cosworth agree that if the engine-chassis
package proves to be competitive, Lotus will have a much easier time
finding sponsors and will then be able to repay its debts.

A press release from Lotus said, "This procedure allows the company to
run as a going concern and to continue racing whilst working with the
Administrators to investigate ways of restructuring Team Lotus Limited."


/end
---
AUTOSPORTS BBS -- (310) 641-9627 -- Home of SpeedNet