Lotus Sells Stake In Formula One Team

0
12
Lotus has sold a 35 percent stake in its Formula One squad. (Steve Etherington Photo)
Lotus has sold a 35 percent stake in its Formula One squad. (Steve Etherington Photo)

Lotus announced on Tuesday that it has sold a 35 percent stake in its Formula One team to investment group Infinity Racing Partners Limited.

The Enstone-based squad was previously 100 percent owned by Genii Capital, the investment firm co-founded by Lotus F1’s chairman Gerard Lopez. Under the new arrangement, Genii Capital will retain a controlling stake (65 percent) of the team, with Lopez continuing as chairman and Genii CEO Eric Lux retaining his seat on the Board of Directors.

“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,” said Lux. “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. We look forward to working with Infinity Racing as we continue on this exciting journey.”

The Lotus squad has one Formula One victory this year with driver Kimi Raikkonen, who won the season opening round in Australia.

SHARE
Previous articleVolcom Exiting Motocross
Next articleGdovic Seeks Home Town Victory
SPEEDSPORT.com is America's Trusted Motorsports Authority. Since 1934, SPEED SPORT has been the destination for all things motorsports news...from NASCAR to Formula 1, Sprint Cars to Top Fuel dragsters, Supercross to Superbikes.