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Lloyds sells stake in Marussia

ESPN Staff
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Marussia made a net loss of £46.3m in 2011 according to its latest accounts © Sutton Images
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Lloyds Development Capital (LDC) has sold its 25.3% stake in Marussia after the team made large losses.

A Formula Money report in The Daily Telegraph states that LDC - the private equity division of Lloyds Banking Group - has sold its shareholding to majority shareholder Marussia Motors. The sale leaves Marussia's current and former team management with a 7.3% stake. A Lloyds spokesman confirmed that the team will retain a loan from LDC.

"LDC has sold its minority shareholding in the Marussia F1 team to Marussia," the spokesman said. "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."

The report also states that Marussia 'made a net loss of £46.3m on revenue which dropped 5% to £28.6m' in the year ending December 31 2011. The team missed out on increased prize money at the end of 2012 as it lost out to Caterham for 10th place in the constructors' championship.

Following HRT's demise at the end of last season, Marussia was in talks with Caterham about a possible merger during the winter but no deal was agreed.