Cosworth and Lotus sign termination deal
1 October, 2010
Oct.01 (Cosworth) In a statement released to day Cosworth announced:
Cosworth and Lotus have today signed the termination of Lotus Racing’s engine supply agreement following completion of the deal which was established in principle and announced after the Italian Grand Prix on 12th September 2010. Cosworth’s support for Lotus Racing will cease at midnight on 30th November 2010.
Lotus Racing has enjoyed a successful season with Cosworth and has enjoyed excellent performance, reliability and support from their engine supply. The decision to bring the partnership to an early termination has been driven by the team’s desire to solve reliability and performance issues unrelated to the Cosworth engine. Lotus Racing and Cosworth have agreed settlement terms satisfactory to both parties to secure an early termination of the agreement.
Cosworth wishes Lotus Racing success in the future, and will continue to supply engines to AT&T Williams, Virgin Racing and HRT in 2011, thereby supporting 25% of the teams in Formula One.