Lloyds Banking sells its stake in Marussia
© Marussia F1 Team
|23 April 2013 by TF1T Staff||Tweet
Lloyds Development Capital (LDC) an investment arm of the Lloyds Banking Group, has sold its 25.3 per cent stake in the Marussia Formula 1 team.
The outfit has made large losses since it joined the sport back in 2010. The latest accounts show a £46.3 million loss with a 5 per cent drop in revenue.
The stake was sold to majority shareholder Marussia Motors according to a spokesperson, leaving management with just 7.3 per cent.
"LDC has sold its minority shareholding in the Marussia F1 team to Marussia," the spokesperson confirmed. "While the details will remain undisclosed, the terms of the transaction will enable LDC to recoup the full value of its investment in the business."
Team chief executive Andy Webber says the team remains stable despite the sale and losses.
"In terms of stability, the team is now in its strongest position since it was founded in 2009," he said.
The outfit retains a £38 million loan from Lloyds Banking Group which it has used to upgrade its facilities.