Lloyds Banking Group has sold its shares in Marussia F1 Team, amounting to 25.3% of the team’s backing. Following a lack of success since the team entered Formula One in 2010, the move will only increase the financial instability facing Marussia.
Lloyds initially invested £10m into the team, but the banking giant has now opted to pull its backing.
“LDC [Lloyds Development Capital] has sold its minority shareholding in the Marussia F1 team to Marussia. 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,” a spokesperson told The Telegraph.
The spokesperson also revealed that the £38m loan, taken out by the team in 2011, would be retained by the team.
Marussia has faced great financial uncertainty in the last year or so, and even entered negotiations with Caterham over a potential merger during the off-season. However, both teams opted to retain their individual identites, and Marussia has made a great start to the 2013 season, led by Ferrari Academy member Jules Bianchi. This move by Lloyds will only increase the pressure on the team to perform, having failed to score any points since Marussia entered the sport three years ago.