Proton’s managing director, Datuk Syed Zainal Abidin Syed Mohamed Tahir, has confirmed negotiations are underway with the Renault F1 team to acquire a substantial stake in the outfit.
Zainal is hoping to finalise a deal which would see Proton take a 25% ownership stake in the team, rebranding it Lotus-Renault for the 2011 season.
It was previously thought the Malaysian government owned company would become a title sponsor, but Zainal confirmed otherwise.
“Yes, that’s the intent,” he said in reply to the rumours. “A decision will be made soon.
“It will be made for the betterment of the Lotus brand. We as a shareholder have to make sure it [the Lotus brand] survives,” he told Malaysian newspaper The Star.
“We’re close, just wait for a few days. [Whether it’s] 25% is something that we are discussing. It’s still too premature to disclose the exact percentage but it has to be a position where we can control our brand,” he added.
Zainal says the move is justified by the marketing and branding benefits F1 brings to a company, highlighting Mercedes and Ferrari as prime examples.
“If you look at all the other OEMs (original equipment manufacturers) like Ferrari and Mercedes, F1 has a direct impact on their marketing and branding,” he concluded.
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