News Details
Lloyds sell Marussia stake
Lloyds Banking Group has sold its 25.3 per cent stake in the Marussia Formula One team.
The decision to sell comes after Formula One not only failed to perform on the track but also made huge financial losses.
According to the Daily Telegraph, the backmarker outfit, who has yet to get off the mark in F1, made a "net loss of £46.3m on revenue which dropped 5pc to £28.6m" in the year ending December 31 2011.
As such Lloyds Development Capital (LDC), the private equity division of the bank, sold their shares in the team.
A spokesman told the British newspaper: "LDC has sold its minority shareholding in the Marussia F1 team to Marussia.
"While the details will...
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11y ago from PlanetF1.com
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