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Lotus has confirmed it will return to the Formula One paddock for a race at the end of the season, and will not be returning to the F1 grid next year.
The news comes just a day after Lotus confirmed it had decided to cancel its planned Formula One season in 2021.
Lotus had announced its plan to make the switch to Formula One in 2019, but it had to cancel the project due to lack of funding.
In addition, it had been due to field a Lotus F3000 entry at the season finale in Australia, but due to its lack of financial backing, it was not able to proceed with the event.
Lotus F1000 racer Fernando Alonso has also announced he will not return to F1 next year, having revealed that he is looking for a new racing team.
In its latest financial update, Lotus said that it would “not be able to continue its Formula One programme in 2021” as it does not have the money to field the car at the event in 2021 due to the lack of funds.
However, Lotus F3 driver Max Verstappen will still be able return to racing, as he announced on Twitter on Wednesday.
“So, it looks like the Lotus F2000 will still get to race again in 2021 at some point, thanks to the support of our sponsors,” Verstap said.
Lotus has also announced it will not field a F1 car at this year’s Singapore Grand Prix, due to funding issues.
The Singapore GP is a race which is run by the Singapore Grand Sports Council, which is part of the FIA, and which is not owned by the Lotus team.
The race will be run by Formula E, a consortium of electric and hybrid sports car manufacturers.
Lotuses decision to not field its F1 cars in 2021 has not been met with support from Formula One boss Bernie Ecclestone.
The Austrian driver has previously said that Formula One has been “very good” to him and his family, but that he wants to retire from motorsport and return to his career in motorsport.
Ecclestone told reporters in Singapore on Tuesday that he had made the decision to cancel F1 in 2021 “because of a lack of money”.
“I think Formula One is a great sport and I’m glad I have worked with a lot of great drivers, like Max Verndappen,” Eccleston said.
“But at the moment it’s not going well.”