Consortium takes 35% stake in Lotus F1

Friday, 21 June 2013 04:39 - - {{hitsCtrl.values.hits}}

Reuters: The Lotus Formula One team announced on Tuesday that a consortium of private investors, including an American hedge fund manager and an Abu Dhabi-based multinational business group, had acquired a 35% stake. The British-based team said in a statement that Infinity Racing Partners Limited had joined Luxembourg-based Genii Capital, who retained the remaining 65% through an investment vehicle, as shareholders. Genii’s head Gerard Lopez will continue as chairman of what was formerly the championship-winning Renault team before it changed its name.

The statement said Infinity Racing also included “Royal family interests of a major oil producing nation” among its investors. It named Mansoor Ijaz as Chairman, with Suhail Al Dhaheri as vice-chairman. “Infinity Racing’s principals have exceptional expertise and a proven strong track record in developing and delivering high quality technologies,” Lopez said. “This partnership will enable us to increase Lotus F1 Team’s competitive advantage related to KERS technology as it becomes more central to Formula One’s push for environmentally sound racing, while also making Lotus F1 Team more marketable as a brand, opening up additional major sponsorship opportunities.” Lotus have Finland’s 2007 world champion Kimi Raikkonen and Frenchman Romain Grosjean as their drivers this season, with Raikkonen winning the season-opening race in Australia and currently third overall.