Archievment of proton holdings

Proton set to buy into Renault F1

KUALA LUMPUR: Speculation is rife that national car maker Proton will announce the purchase of a 25 per cent stake in Renault Formula One team tomorrow.
While this would mean greater Malaysian involvement in the Formula One next season, some quarters may see it as a highly complicated affair.
Proton was reported to have been in serious talks for the purchase of the remaining 25 per cent stake in the F1 outfit owned by the French manufacturer.
Several sources revealed that the project would see Proton enter F1 through its fully owned subsidiary, Lotus Group Plc, who will act as title sponsors of the Renault F1 Team next season.

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Proton officials, when contacted, declined to comment, stating that any official announcements would be made by the management of either Proton or Renault, should the deal be confirmed, although several reports suggested that the announcement was due to be made tomorrow.
French newspaper Le Figaro reported yesterday that the deal between Proton and Renault was due to be formalised tomorrow.
This comes against the backdrop of the legal battle over the rights to use the Lotus name between Group Lotus and the Lotus Racing team owned by holding company 1Malaysia Racing Team Sdn Bhd, which currently competes in Formula One.
1Malaysia Racing Team had in September filed for a court ruling over the matter in the London High Court, having purchased the brand and rights of Team Lotus and the company team Lotus Ventures from previous owner David Hunt.
Proton disputes the rights of any other entity to use the name Lotus in Formula One.
1Malaysia Racing Team has operated Lotus Racing in F1 under licence from Group Lotus, a deal which expires at the end of this year.
A series of efforts intensifying the battle followed, complicating the issue further.
These included Group Lotus announcing in September an entry into the second tier GP2 series next year in tandem with the French ART Grand Prix team next season, with a team called Lotus-ART, on the back of Lotus Racing announcing their own entry in the same series with a team called AirAsia.
Last month the 1Malaysia Racing Team-operated Lotus Racing announced an engine partnership with Renault F1, which would supply the engines for their team next season.