Cash-strapped Lotus team announce new sponsorship deal with Danish Saxo Bank

News comes as boost to beleaguered Enstone team

By Sky Sports Online.   Last Updated: 21/01/14 10:28am

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The beleaguered Lotus team have announced a new sponsorship deal with Saxo Bank, a Danish investment institution.

Although the financial terms of the arrangement are unknown, the news is a welcome and pressure-relieving fillip for the struggling Enstone-based outfit.

It was revealed last week that, despite finishing fourth in the Constructors' Championship, the team had accumulated debts in excess of £100m during 2013.

Despite new recruit Pastor Maldonado being attached to significant sponsorship backing, concerns about Lotus's future have heightened this month. The team are to miss the upcoming Jerez test, while their inclusion on the official entry list for the new season was marked as 'subject to confirmation'.

"We are delighted to begin a relationship with Saxo Bank, a fast-growing online trading and investment specialist who have demonstrated strong support in sport through sponsorships in the world of cycling at the highest level with Team Tinkoff-Saxo," said team boss Eric Boullier.

"Saxo Bank is taking an exciting and proactive approach to this new partnership with Lotus F1 Team and we are looking forward to enjoying a long and fruitful relationship."

Lotus are yet to confirm a launch date for their 2014 charger but have indicated it will be unveiled prior to the first of the two Bahrain tests in February.

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