Lotus sign new sponsor Saxo Bank for 2014

Monday 20th January 2014, 11:26 by TF1T Staff 

Lotus F1 Team, LAT

Lotus have announced a new sponsor for the 2014 season in the form of Danish investment firm, Saxo Bank.

The company's logo will feature on the yet to be launched E22 as part of the deal, which comes at a time when Lotus are in need of financial stability after revealing debts of £114 million ($187m).

"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 reportedly still in talks with Quantum Motorsport as part of a deal which would see a number of investors taking a stake in the team, however Boullier recently confirmed the money wasn't a necessity as they have a budget in place for the year.

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