Lotus prefers spending on car development rather than 'unpaid' Raikkonen

Formula One side Lotus has said that it prefers spending money on developing their car rather than paying their star driver Kimi Raikkonen, who had announced that he will be leaving Lotus for Ferrari at the end of the year as he was not paid 'any salary'.

Lotus, which is owned by a Luxembourg-based investment group Genii Capital, is looking for a lucrative title sponsor for the 2014 season

According to CNN, Lotus has responded to Raikkonen's allegations by saying that it prefers to focus its finances on suppliers and key people required for developing their car, even if it means seeing their driving talent walk away, adding that Raikkonen was also in a similar position last season.

The report mentioned that Raikkonen has won only the Australian Grand Prix this season, and is, along with Lotus, fourth in the respective driver and constructor standings.

Accepting that they have been late in paying Raikkonen, Lotus further stated that managing the cash flow from Genii would become an issue if they do not keep up the developmental level.

Although having 2007 world champion Raikkonen on board would have inevitably helped attract sponsors, Lotus is now looking at alternatives, stating that the team plans to emulate the business strategy of some of rivals, including Red Bull and McLaren, by looking for a title sponsor.