Cash-strapped F1 team Lotus have secured a major sponsorship deal with Danish investment business Saxo Bank, a chief sponsor of WSR racer Marco Sørensen.
The as-yet unspecified deal should go some way to healing the damage done during 2013 as the team racked up debts in excess of £100m, with Saxo Bank hoping to benefit from the rise in F1 interest in Denmark as Kevin Magnussen debuts for rival team McLaren in the upcoming year.
Despite significant backing coming online with new recruit Pastor Maldonado, there is still a significant shortfall before Lotus can begin to balance their books again.
“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.
Lotus confirmed last week they will not be taking part in the opening pre-season test in Jerez starting 28th January in order to further develop their 2014 challenger, the E22.