• Lotus

Lotus deal set to be completed

ESPN Staff
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The deal should also ensure Kimi Raikkonen sees out the season at Lotus © Getty Images

A deal to secure Lotus's long-term future is set to be completed this week, paving the way for Nico Hulkenberg to join the team.

Lotus has been working to finalise a deal with the Quantum Motorsports consortium since June, with the financial uncertainty over the team's future a key reason that Kimi Raikkonen opted to leave for Ferrari. With Raikkonen having yet to be paid this year there were concerns he may not race in the final two grands prix of the season, but that threat has been averted after the head of Quantum Motorsports, Mansoor Ijaz, confirmed a deal was imminent.

"There is no question the deal is definitely happening," Ijaz is quoted as saying by the BBC. "It has now been completed from our side."

Pastor Maldonado has been lined up by Lotus if the investment did not come through, but both Quantum and the team want Hulkenberg to replace Raikkonen in 2014.

Expanding on the agreement itself, Ijaz also said the deal would provide Lotus with the resources to compete at the front of the grid long-term.

"Our deal is to buy 35% in newly-issued shares. We are essentially diluting Genii Capital. The options do allow us in a fixed amount of time to take control of the team later on. We're going to clear off the debt, and then we're going to bring very high quality sponsors which you'll see very soon. Those sponsors will give us the longevity and capacity to compete at the top end of the business for a long time."

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