Lotus reports net loss of $107.9 million for 2013
The Lotus F1 Team made a reported net loss of $107.9 million last year, in what is believed to be a record figure for a motor racing team.
The 2013 season was Lotus’ most successful since Genii Capital bought the team from Renault at the end of 2009, with Kimi Raikkonen and Romain Grosjean collecting 315 points between them on the way to fourth in the constructors’ championship, the Finn picking up a win in the season opener in Australia.
However, despite the on-track success last year for the Enstone-based outfit, Forbes reports that the team lost over 100 million dollars in 2013, owing to heavy investment – which saw staff numbers increase – and heavy repayments on inter-company loans.
While Lotus’ revenue remained stable at $154.1 million in 2013, the team’s net loss was stretched by $16 million, despite saving $5 million in cost cutting measures, while interest payments on loans jumped from just $1 million to $22.6 million.
In light of these losses, the team owner Gerard Lopez has reiterated his desire to bring new investment to the team, revealing that Lotus is in talks with several parties to secure a long term title sponsor.
“The company is having discussions to bring new partners to support its development,” Lopez told Forbes‘ Christian Sylt.
The Enstone-based outfit has been without a title sponsor since late 2009, when Dutch banking giant ING quit in light of the then Renault team’s involvement in the ‘crashgate’ affair.
Image courtesy of Octane Photographic.
Dan Paddock is an FIA accredited freelance motorsport and Formula 1 journalist and the Grand Prix Editor of Richland F1. Dan joined the site in July 2013 as a Staff Writer, fresh off the back of completing a master’s degree in journalism. Following a promotion, Dan has since gone on to represent Richland F1 at four grands prix. Aside from Richland F1, Dan also writes for Rumble Strip News, as well as maintaining his own modest blog.