Gascoyne Signs Contract For Lotus F1

The chief technical executive Mike Gascoyne has signed a new five-year contract. Lotus only returned to the grid this year but, along with fellow-newcomers Virgin Racing and Hispania, has failed to score a single point so far.

However, they have constantly out-performed their new fledling rivals and the experienced Gascoyne will now remain with the English-based outfit until 2015.

Gascoyne -- who has also worked for McLaren, Tyrrell, Jordan, Benetton, Toyota and Spyker -- told the team's official website: "It was always my purpose to finish my career here, so it's great to have officially agreed a five-year deal.

"I'm tremendously grateful to everyone involved in Lotus Racing for having the assurance to take this into a long-term contract.

Team principal Tony Fernandes added: "Mike's five-year contract is a main announcement for the Lotus Racing team.

"It shows just how serious we are, not only about how far ahead we are setting our aspirations, but also as a reward to Mike for the amazing hard work he and the team have already put in to get us to our current position."

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