Oct.4 (GMM) Lotus had to pay to be released from its 2011 contract with current engine supplier Cosworth.

The parties agreed in principle at Monza last month to terminate the agreement, amid widespread reports Lotus is set to announce a comprehensive technical deal with Renault.

But the news was only formalised mere days ago, with Cosworth saying it finally "agreed settlement terms satisfactory to both parties".

According to Finland's Turun Sanomat, Malaysian-backed Lotus "had to pay compensation for the cancellation of the contract".

Lotus and Cosworth have been contacted for comment.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version