Malaysian entrepreneur Tony Fernandes said on Friday "he had rejected a £6-million offer to settle the Lotus naming dispute that has embroiled two Formula One teams."
After a 16-year absence, the Lotus name returned to Formula One last season under Fernandes, the flamboyant founder of Malaysia-based budget carrier AirAsia.
But in September, Malaysian automaker Proton, which owns a controlling stake in Lotus, terminated Fernandes' licence, forcing him to drop the original name of Lotus Racing and compete as Team Lotus this season.
Then in December the Lotus group took a major equity stake in the Renault Formula One the team for this season, which is now renamed "Lotus Renault GP" for the 2011 season.
Fernandes and two other Malaysian associates bought the rights to use the Team Lotus name from David Hunt, brother of late British 1976 world champion James Hunt.
State-owned Proton, which bought into Group Lotus in 1996, claims it alone has the rights to the brand and rejects Fernandes' new Team Lotus incarnation.
"It was six million pounds for an out-of-court settlement. Of course I would like to end it but the proposal by Proton would have bankrupted the company. We could not accept it," Fernandes told AFP.
Fernandes, a great fan of the Lotus glory days, said that 250 jobs, and huge investments by shareholders, were at risk.
"We never created the situation. We had a five-year agreement. Proton thought they can bully us out. We honestly worked hard to revive the Lotus name in F1," he said.
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