Lotus boss Kamarudin Meranun admits the team is seeking sponsors and is especially targeting state oil company Petronas.

Although the Lotus F1 project involves the Malaysia government, which will hold no equity in the team, team bosses, in their search for sponsorship, are not ruling out government-linked corporations (GLCs).

"What is wrong with asking for sponsors from GLCs like Petronas?" said Kamarudin, according to Reuters. "If Petronas can sponsor a foreign F1 team (BMW), why should the national petroleum company not sponsor a local team?"

Lotus is one of four new teams due to enter F1 in 2010, encouraged by Max Mosley's plan to introduce a budget cap which would supposedly level the playing field. However, with the budget cap thrown out the window, Lotus' $47m (£28m) budget is a fraction of the sort of money teams such as Ferrari are prepared to spend.

As part of its the team's bid to keep costs as low as possible, team principal Tony Fernandes will play an important role. As owner of budget airline AirAsia he will be able to keep (air) transport costs to a minimum.

Furthermore, Kamarudin reveals that much of the workforce has been locally recruited. "The team put up an advertisement to fill 225 posts," he said, "we received over 6,500 applications. Most of them are from Malaysian engineering experts currently working abroad. They are excited with the Malaysian-owned Lotus F1 Racing and are willing to work at a lower pay. This will enable us to lower the cost."