Quantum still plotting Lotus buy-in

Tuesday 21-January-2014 07:01

Quantum Motorsports' plans to purchase a stake in the Lotus F1 team are continuing with Mansoor Ijaz hoping to have it resolved by mid-March.

Last season, Quantum had intended to buy a 35 per cent stake in the Formula One team but due to banking complications and other reasons the deal never came off.

This prompted team owner Gerard Lopez to recently state that the deal was over.

However, Ijaz, the man behind the Quantum consortium, insists it could yet take place.

He told Press Association Sport: "It is important to refresh memories - Quantum's investors delivered the US Treasury Bonds in early October in full satisfaction of all amounts due under our contracts.

"The transfer configuration was rejected due to certain regulatory provisions governing large funds transfers between the US and certain countries.

"The reconfiguration and re-transfer of the assets became internally complicated within Quantum's partnerships and so I took the executive decision in mid-December to completely restructure our financing effort.

"To assist us in completing the transaction in a restructured plan we have retained professionals.

"We have agreed to give Lotus and Genii Capital (Lopez's company) complete step-by-step transparency in our process so they can make informed judgments about the probability of conclusion and time to complete. I am confident we will succeed this time around.

"It is important to emphasise we have all along self-regulated our own efforts.

"I have made clear to Lotus that under the restructured plan if at any point I did not feel we could complete after last year's unforgivable delays, I would stop the process myself and announce openly I could not conclude, and accept the resulting consequences."

© 2014 - 365 Media Group

Any reproduction, publication or redistribution of this material without the written agreement of 365 Media Group is strictly forbidden.