Group Lotus CEO Dany Bahar has entered into a new agreement to stay in his post at the company until the end of 2015. He has also told journalists that the company could be sold then.

Bahar's contract had been due to run out in 2012, but he has signed a new agreement with the company's shareholders.

Lotus Advisory Board member Tom Purves told journalists at an annual media lunch that owner Proton has also confirmed its satisfaction with the direction that Lotus is taking under Bahar's leadership.

“Lotus is one of the great British brands that is at last having the right level of investment put into it and the right level of commitment from a very professional management team. The company is headed in an exciting direction,” Purves said.

“Of course there are many challenges ahead and this is a difficult period for everybody, but excitement and enthusiasm at Hethel has never been higher.”

Lotus is embarking on an ambitious strategy to launch a range of new models that it believes can transform the brand into a 'British Porsche' alongside stepped up presence in motorsport.

Dany Bahar also told journalists at the event that at the end of his contract the owners would likely consider selling the company.

“The synergies between Proton and Lotus are not very obvious,” he acknowledged.

“I think, at the end of my contract, there are two options – to float the company or a trade sale to a big car manufacturer,” Bahar said.

“They could of course keep it if it is doing well, but I suspect that after investing all that money they will want a return.”

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