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AVIATION tycoon Tony Fernandes has rejected a $9.7 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 under the name Team Lotus this season.
Then, in December, the Lotus group took a major equity stake in the Renault Formula One team for this season, which is now renamed 'Lotus Renault GP' for the 2011 season.
State-owned Proton, which bought into Group Lotus in 1996, claims that it alone has the rights to the brand and rejects Fernandes' new Team Lotus incarnation.
Despite the ongoing legal dispute, Team Lotus is busy preparing for the season opening race in Bahrain on March 13.
Unless an agreement is forged there will be two teams on the grid under similar names.
