News Details
Lotus records £64 million loss during 2013
The Lotus F1 Team has recorded losses of £64 million during the financial year of 2013 according to its latest accounts. The losses come just days after team co-owner Gerard Lopez dismissed talk of financial problems at the Enstone outfit. A report in Forbes states the loss is a result of inter-company loans between the team's owner, Genii Capital, and the interest accrued on those loans. The 2013 accounts show that revenue was stable at £92.6m ($154m), but net losses rose by almost £10m ($16m) as interest payments increased to £13.5m ($22.5m). The increase in interest payments is down to the fact loans to the company have almost doubled to £125m ($208m),...
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11y ago from TheF1Times.com
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