[ Note: This has already been posted to rec.autos.sport.f1, but it ]
[       actually should have been posted here.                     ]



Team Lotus

Press Release
For immediate release Tuesday 17 January 1995

At 10am today (Tuesday 17 January) Team Lotus staff were informed that they
were being made redundant.  The management's decision was based on the fact
that funding contractually due had not arrived and in the absence of that
money the company was no longer able to offer the staff a realistic
prospect of on-going employment.

David Hunt, Managing Director, said:

"This is an extremely sad day for everybody associated with Team Lotus.  The
staff have been extraordinarily loyal and patient but the non-payment of
funds due meant that we had no option but to make them redundant and has
further jeopardised our chances of landing an investor.  Our primary
responsibility is to the staff and we will be doing everything we can to help
them find gainful employment, either with us or elsewhere, and assist them
through any short term difficulties they may face.

"With regard to the future our commitment is still to get Team Lotus to the
grid in good order.  We have been approached by more than one team with a
view to some form of joint effort which would result in Team Lotus being
represented on the grid in 1995 and those options are being seriously
evaluated.

"What I want to avoid is allowing the Team to be put in a situation where
it is going to struggle around at the back of the grid and have its name
dragged further through the mud.  The other possibility is to take steps
to re-finance, re-organise and rebuild during 1995 with a view to
returning to the grid in good order in 1996.  We are open to all possibilities
that can realistically put Team Lotus back where it belongs.

"Whilst the situation is bitterly disappointing with regard to the staff,
whose support and encouragement has been exemplary, there are still real
possibilities for the future; I am confident that there is a path through
all this to long term security.  Other than Ferrari the Team Lotus name
is arguably the strongest in Grand Prix racing and it is therefore
inconceivable to me that I will not be able to build a package around it
given time to focus in that area rather than on the myriad of challenges
we have been facing hitherto."

-- 
Alan F. Perry
Internet Lotus Cars Mailing List
esprit@netcom.com