Lotus is aiming for a comeback in Formula One. The last raced in 1994 until they were forced to quit due to lack of funds.
Managing director David Hunt said: "We are very happy to let Team Lotus' millions of fans around the world know that their patient loyalty will be rewarded. We have always maintained we would not bring the great brand name back to Formula One unless there was a proper budget and a real probability of adding to Team Lotus' illustrious heritage. Everything is coming together positively and, together with our partners, we will be making a more detailed announcement before too long."
Damon Hill may be out of a job. Arrows boss Tom Walkinshaw accused Hill today of not doing the job he has to do.
Arrows missed out on the Mugen engines, which will go to Jordan. Hill also stated that he could leave the team if Arrows were unable to build a competitive car.
Hill receives about 8 million dollars for his Arrows drive and Walkinshaw said: "If that sort of money isn't motivation enough, then the fear of failure certainly should be."