From GMM

Tony Fernandes has announced he is to remain boss of the new formula one team Lotus.

The Malaysian entrepreneur, who is also in charge of the low-cost airline AirAsia, said in September that his appointment as team principal was not permanent.

"There was a reason for doing (saying) it at that time, because I think (AirAsia) shareholders were kind of spooked. Now they are beginning to see that this is no different from any other business that I own." millionaire Fernandes, 45, said in a Reuters report from Wednesday's Motor Sport Business Forum in Monaco.

He explained that while he doesn't want to run the F1 team forever, "this is not the right time to go".

Fernandes also joked that his target for 2010 is to finish ahead of the team backed by his airline competitor Virgin: "I said that number one we have to be ahead of (Sir Richard) Branson, otherwise I will retire and kill myself," he said.


Regarding the drivers, Tony Fernandes was quoted as saying Lotus' full lineup for 2010 should be announced next week, and that the drivers will be paid rather than selected because of their financial dowries.

"We know we aren't going to be competing (at the front) in year one, but it takes time and we'll have a good basis for moving forward," he said.

Lotus team boss also played down reports Jacques Villeneuve is a candidate for a race seat in 2010.