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Lloyds secures stake in Manor GP

The Lloyds Banking Group takes a stake in Manor GP ahead of its F1 debut in 2010
The private equity arm of the Lloyds Banking Group has taken a stake in the new Manor GP team, which will run under the Virgin Racing banner for the 2010 F1 season.

While a statement issued by Lloyds TSB Development Capital (LDC) didn't mention any figures, the Financial Times reports that the investment could be worth as much as £10 million.

Despite Lloyds being bailed out by the taxpayer during the financial downturn, LDC insisted that the investment was an attractive one for the company to make.

“Manor Grand Prix is an attractive investment opportunity that supports a highly respected UK team with proven, world-leading technical, commercial and racing expertise in one of the most popular international sports,” a statement read. “The investment is consistent with LDC's core investment principles of seeking out unusually attractive market segments, and then backing British business, proven management teams and of continuing to invest throughout the business cycle.

“LDC believes that an investment now in a F1 team is most attractive as the governing body, the FIA, has moved to ensure that an already very attractive industry will be made more viable in the future. In August this year a new Resource Restriction Agreement (RRA) was signed, which aims to return costs to the levels that prevailed in the early 1990s.”

Manor, which has already signed Timo Glock for 2010, will officially launch it alliance with Richard Branson's Virgin Group tomorrow (Tuesday) in London.

Lucas di Grassi is widely expected to be named as Glock's team-mate, having revealed that he has signed a deal to move into F1 next year.

Related Pictures

Click on relevant pic to enlarge
Timo Glock (GER) Toyota TF109, Australian F1 Grand Prix, Albert Park, Melbourne, 27-29th, March, 2009
Derek Warwick (GBR) FIA Steward and Charlie Whiting (GBR) FIA Delegate with other FIA delegates.
Manor`s 2017 F1 car model [Pic: Twitter]
Manor`s 2017 F1 car model [Pic: Twitter]
27.11.2016 - Race, Kevin Magnussen (DEN) Renault Sport F1 Team RS16 and Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Race, Carlos Sainz Jr (ESP) Scuderia Toro Rosso STR11 leads Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Race, Esteban Ocon (FRA) Manor Racing MRT05, Pascal Wehrlein (GER) Manor Racing MRT05 and Felipe Nasr (BRA) Sauber C34
27.11.2016 - Race, Start of the race, Daniil Kvyat (RUS) Scuderia Toro Rosso STR11 and Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Race, Esteban Ocon (FRA) Manor Racing MRT05
27.11.2016 - Race, Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Race, Roger Federer (SUI) tennis player and Bernd Maylander (GER) FIA Safety Car Driver
27.11.2016 - Race, Gerard Berger (AUT), Michael
27.11.2016 - Manor Racing goup photo, Esteban Ocon (FRA) Manor Racing MRT05, Jordan King (GBR) Manor Racing, Test Driver and Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Fia group photo, Michael
27.11.2016 - Fia group photo, Michael
27.11.2016 - Fia group photo
27.11.2016 - Jordan King (GBR) Manor Racing MRT05, Test Driver
27.11.2016 - Pascal Wehrlein (GER) Manor Racing MRT05

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snake lover - Unregistered

December 15, 2009 1:11 PM

well that seals it for me. I was thinking of closing my account there anyway but as they are blowing more taxpayers money still, I would feel a hypocrit to give them my business any longer

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