Team Lotus administrators' press release

Robson Rhodes Press Release

27 October 1994

The Seventh Schedule

Team Lotus, seven times World Motor Racing Champions and at the forefront of Grand Prix racing since 1958, are now positioned to resume their attack on the World Championship in 1995.

Team Lotus Limited has been managed by its joint administrators Neil Cooper and Nigel Ruddock from chartered accountants Robson Rhodes, since September 12. Agreement has now been reached with a buyer which allows the famous team to move forward with fresh confidence for the future.

"This is a good example of the way in which the administration procedure can assist companies in financial difficulty" said Neil Cooper, joint administrator, today.

He continued: "We have been able to protect Team Lotus and give it a breathing space while new investors were found for the business. A much loved team can now continue racing under new ownership. Almost one hundred jobs have been saved and the famous Lotus name is now well positioned to build for the future without the millstone of historic liabilities which almost dragged the team under. Without the protection of an Administration Order, the business would undoubtedly have failed with the obvious loss of jobs and even greater losses for the creditors."

Team Lotus will compete in the forthcoming Japanese and Australian Grands Prix with the support of their existing commercial and technical partners, prior to the new owners implementing their plans for the future during the off-season winter months.

-- Alan F. Perry Internet Lotus Cars Mailing List esprit@netcom.com