The Lotus Formula One team is understood to be on the verge of a title sponsorship agreement with American technology giant Honeywell.Although the deal was not believed to have been signed by Sunday evening, it is thought the framework of the agreement is in place and a formal announcement pending.Informed insiders suggested the value may total some US$30 million annually, a huge boost to the finances of the Enstone-based team which finished fourth in this year's constructors' world championship.The deal is being negotiated by The Partnership Practice, a London-based agency headed by Steve Silk, which has significant experience in global motorsport sponsorships.

If confirmed, the deal would be the largest team sponsorship deal in Formula One for some time and the second team title sponsorship deal in a matter of weeks, following car manufacturer Infinitis step up at Red Bull Racing.Although Group Lotus acquired the naming rights to the team in 2010 as part of a wider deal which included an option to buy into the team, the deal was terminated in April by team owner Genii Capital. The team, formerly called Renault, has kept the Lotus name.Shortly after driver Kimi Raikkonen's win at the Abu Dhabi Grand Prix, the team scored a commercial victory by securing a sponsorship deal with Coca-Cola's energy drink brand Burn for 2013 and beyond.Honeywell, a Fortune 100 company, provides technological solutions in areas such as safety, security and energy. It employs around 132,000 people globally, including over 19,000 engineers and scientists.Although the company is headquartered in New Jersey, it has significant divisions in China, India, the Asia-Pacific and Europe, the Middle East and Africa.Honeywell's decision to enter Formula One comes just weeks after the sport's return to the United States with a race in Austin, Texas.

Source: SportsPro

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