Lloyds takes stake in Virgin Racing 15/12/2009 |
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Formula 1 team Manor GP, which will be rebranded as Virgin Racing today (December 15), has sold a stake to the private equity arm of Lloyds Banking Group for about £10m.
Lloyds TSB Development Capital (LDC) said in a statement: “The investment is consistent with LDC’s core investment principles of seeking out unusually attractive market segments, and then backing British business and proven management teams.
“Together with a unique commercial and sponsorship strategy that is expected to produce strong revenues, this talented team is well-placed to capitalise on the huge commercial opportunities presented by F1.
“LDC believes that an investment now in an F1 team is most attractive as the governing body, the FIA, has moved to ensure that an already very attractive industry will be made more viable in the future [with the cost-cutting measures that are being put in place].”
Manor/Virgin will be one of four new teams on the grid next season. Alex Tai, a former senior director of Virgin Group, is expected to be confirmed as chief executive, with Manor founder John Booth the sporting director.
Etienne de Villiers, formerly a Walt Disney Studios executive and ex-chairman of the ATP World Tour and BBC Worldwide, will be team chairman.
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