Lloyds invests in Manor F1 team
|By Matt Beer||Monday, December 14th 2009, 10:52 GMT|
The private equity arm of the Lloyds Banking Group has taken a stake in the new Manor Formula 1 team, which will run under the Virgin Racing banner.
The Financial Times reported that LDC has made a £10 million investment in the company and believes that the current cost reduction programmes in F1 make the world championship an attractive business proposition.
"It's a new era in Formula 1," LDC director Carl Wormbald told the FT. "There is a resource restriction but the revenue is the same. There is also a degree of stability."
Manor founder John Booth welcomed LDC's involvement.
"The banks have had their share of bad publicity but it is great to see them investing in a young company like this that is creating jobs," he said.
Virgin is set to announce its partnership with Manor in an event in London tomorrow. The team has already signed Timo Glock as its lead driver, with Lucas di Grassi tipped for the second seat.