Lotus sell 2% share to British tycoon for £1m

Lotus sell 2% share to British tycoon for £1m


Lotus F1 Team owners Genii Capital have sold a two per cent share in the team to British tycoon Andrew Ruhan for a0573LW1D9652 sum reported to be £1m.

As reported by The Telegraph, Ruhan joined the Lotus board of directors back in February, although the team denied that he had any financial involvement in its operations. For some time, Genii owner Gerard Lopez has been open to investors, telling The Telegraph “if there are investors who want to enter with some shares, we are ready” back in February. Now, it appears a minor investor has been found in the form of Ruhan.

“He is a friend and a business partner in some substantial real estate developments, loves cars, racing and has purchased, if I am not mistaken, 2pc of the equity to be on the board and feel involved,” Lopez explained. “For sure, not a substantial deal for either party.

“He is also a fellow gentleman racer who was nominated to the board as we replaced at least one Lotus Cars director.”

Ruhan has been involved in racing before, taking an interest in GT racing, and he has made his name in the telecoms industry.

From a racing perspective, the move is unlikely to have little bearing on Kimi Raikkonen’s recent good form, with the Lotus driver finish 2nd in today’s Spanish Grand Prix. However, this does signal that the team is ready and willing to listen to investors, with the financial backing that Ferrari, Red Bull and Mercedes can boast putting teams such as Lotus at a disadvantage.

Image courtesy of Octane Photographic.