Lotus F1 Team announce new investor
Infinity Racing have invested for a 35% stake in the team – who have long been experiencing financial difficulties. Lotus has consistently posted losses since the team was ditched by Renault at the end of 2009.
The Enstone based squad will remain under the control of Gerard Lopez’s Genii Capital group who originally bought a majority share in the team back in 2009 prior to Renault’s exit. They still hold a 65% stake in the Lotus team.
Lotus says that Infinity Racing is “an investment consortium whose special purpose vehicle is comprised of private investors that include an American hedge fund manager, an Abu Dhabi-based multinational business group and royal family interests of a major oil producing nation” but they did not identify the investors.
Majority shareholder Gerard Lopez said on the announcement: “Infinity Racing’s principals have exceptional expertise and a proven strong track record in developing and delivering high quality technologies. This partnership will enable us to increase Lotus F1 Team’s competitive advantage related to KERS technology as it becomes more central to Formula 1’s push for environmentally sound racing, while also making Lotus F1 Team more marketable as a brand, opening up additional major sponsorship opportunities.”
Genii CEO Eric Lux also commented on the news, saying: “Since Genii Capital took over control in December 2009, we have been focused on growing the value of the organisation and developing the infrastructure at its Enstone headquarters.”
He also added that he feels Infinity Racing bring the right investment to help them challenge for titles, adding: “As Lotus F1 Team results have continued to improve every year, we have been waiting for the right investor who will help make the jump to the top spot in the Constructors’ Championship.
“In Infinity Racing, we have found a partner with the right connections in addition to technological expertise and a global reach in major markets with key sponsors to achieve this goal.”
Image courtesy of Octane Photographic
Jack Leslie is a freelance motorsport journalist. He has been part of the Richland F1 team since the very start and made his debut in the F1 paddock for the website at the 2014 Austrian Grand Prix. Jack also writes for Car Throttle and RumbleStripNews, as well as running a popular blog.