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Gascoyne commits his future to Lotus F1

The Lotus cars will have the benefit of Mike Gascoyne's expertize for the next five years.
The Lotus cars will have the benefit of Mike Gascoyne's expertize for the next five years.
STORY HIGHLIGHTS
  • Mike Gascoyne has signed a new five-year contract with Lotus F1 team
  • The experienced Gascoyne will now remain with the English-based outfit until 2015
  • Lotus only returned to the Formula One grid this year after time away from the sport

(CNN) -- Lotus Racing Formula One team, who are sponsored by CNN, have revealed that chief technical officer Mike Gascoyne has signed a new five-year contract.

Lotus only returned to the grid this year but, along with fellow-newcomers Virgin Racing and Hispania, have failed to score a single point so far.

However, they have consistently out-performed their new fledling rivals and the experienced Gascoyne will now remain with the English-based outfit until 2015.

Gascoyne -- who has also worked for McLaren, Tyrrell, Jordan, Benetton, Toyota and Spyker -- told the team's official website: "It was always my intention to finish my career here, so it's great to have formally agreed a five-year deal.

It was always my intention to finish my career here.
--Mike Gascoyne
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"I'm extremely grateful to everyone involved in Lotus Racing for having the confidence to take this into a long-term contract.

Team principal Tony Fernandes added: "Mike's five-year deal is a major announcement for the Lotus Racing team.

"It shows just how serious we are, not only about how far ahead we are setting our aspirations, but also as a reward to Mike for the incredibly hard work he and the team have already put in to get us to our current position."