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Lloyds Bank invests in Manor

ESPNF1 Staff
December 14, 2009 « Trulli and Kovalainen to race at Lotus | »
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LDC, the private equity arm of the Lloyds Banking Group, has taken a stake in Manor in an investment reportedly worth £10 million.

Manor is one of four new teams for 2010 and is set to announce its involvement with the Virgin Group on Tuesday - a deal which will see the team renamed Virgin Racing. The Financial Times reports the Sheffield-based squad has also secured investment from LDC, which - according to LDC's director Carl Wormald - was motivated by the current emphasis on cost cutting in the sport.

"It's a new era in F1," Wormald said. "There is a resource restriction but the revenue is the same. There is also a degree of stability."

Manor's founder John Booth welcomed the involvement of the bank - which is 43% owned by taxpayers.

"The banks have had their share of bad publicity but it is great to see them investing in a young company like this that is creating jobs."

The team has already signed Timo Glock as a driver for next season and Lucas di Grassi has been closely linked to the second seat.

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