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

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," millionaire Fernandes, 45, said in a Reuters report from Wednesday's Motor Sport Business Forum in Monaco.

"Now they are beginning to see that this is no different from any other business that I own."

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.

 

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