Lopez: We entered F1 at probably the worst time

It’s now almost two and a half years since the announcement that Genii Capital was to purchase a majority stake in what was then the Renault F1 Team, and almost 18 months since it was revealed that Genii would become the sole shareholder. The Chairman of Genii Group and Lotus F1 Team, Gerard Lopez discusses what has been and what is to come.

With world markets still suffering from the aftermath of the global economic crisis, it’s a challenging time to enter one of the world’s most expensive and expenditure hungry sports. This weekend in Monaco however Lotus F1 Team will take to the track complete
with branding from some of the world’s biggest companies.

The Chairman of Genii Group and Lotus F1 Team, Gerard Lopez is often seen in the Formula 1 paddocks of the world as well as on the pit wall.

“We entered Formula 1 at probably the worst time in general, at the end of the biggest financial crisis for a long time, with a lot of questions around marketing budgets in general and taking over a team which had only one sticker at the presentation ceremony. For sure it was a difficult starting point.

“We came into Formula 1 being passionate about the sport, but with the advantage of having a very homogeneous platform of business and we always looked at the business side of Formula 1 as a matrix.

“It is an amazing matrix which has on one side the geographies in which most companies want to be successful – Europe, Asia, the Middle East, South America and so on - and on the other side the attractiveness to meet people. We approach Formula 1 as a conduit for business.”

That conduit has proven effective in the preparations for the 2012 season, with partnerships with Unilever and Microsoft being announced.

“We signed Unilever with their Clear and Rexona bands in probably the biggest sponsorship agreement this year in F1. We then signed Microsoft, which is huge news as it is a brand that has never been in F1 before, and we still have scope for more.

“There has been a lot of interest in the team in 2012. Everyone has been interested to see how Kimi would fare on his return, and the answer is very clear for everyone to see. This, and the shear competitive aspect of this year’s car at every track we’ve visited with both Kimi at Romain at the wheel means we are having some very interesting conversations.”

Formula 1, like business, is driven by results. Results which didn’t come thick and fast last season, but in 2012 the prospects are looking good.

“In 2011 we pushed on with developments behind the scenes. The addition of the 60% wind tunnel, which was implemented during the course of last season, was a significant investment and its effects are being seen in this year’s car. Then there’s the ‘Driver in the Loop’ simulator which is another significant asset we have this season.

“Last year we saw flashes of strong potential from the R31 and the team, but ultimately we fell short of our goals. That is the nature of this highly competitive sport, and we are pushing forwards leaving no stone unturned in our quest to reinstate Lotus as the team to beat.

“Everyone is pushing in the right direction, and the car is quick – there is no question about it. We are pushing harder because we have a very aggressive development programme, and we want to keep things tight with everyone around us.

“We started the season with two difficult weekends. Difficult from the perspective that it was clear we had very good pace, but the results did not follow for various reasons. We needed what we termed a ‘normal’ weekend. Once that happened – and from our perspective the last two Grands Prix have been more ‘normal’ for us – the results have come.”

SO WHAT OF THE FUTURE?

"If you look at the history of Enstone, there were World Championships won in 1994-95 and 2005-6. This ten year cycle obviously appeals and we are set on repeating this history. We want to take a step nearer our goal in 2012. If we finish in fifth place in the Constructors’ Championship we will be disappointed. If we finish fourth we can reflect on a good step forwards. If we finish in third position we will be very happy. We know the competition is intense, but that is why we compete."