Motor Racing: Mystery buyer saves Lotus

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The Independent Online
The debt-ridden British Formula One team Lotus will compete in the last two grands prix of the season after being snapped up by a mystery buyer. Anita Smith, a spokeswoman for the Norfolk outfit, confirmed yesterday that the company, which has debts of more than pounds 10m, was no longer in administration and that the 90 jobs at Ketteringham Hall had been saved.

'The team has been bought and will be going to the Japanese and Australian Grands Prix,' said Smith. She added, though, that the buyer's identity might not be revealed for another three months. 'The situation is still very fragile,' she explained.