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Lloyds Banking sells its stake in Marussia
Lloyds Development Capital (LDC) an investment arm of the Lloyds Banking Group, has sold its 25.3 per cent stake in the Marussia Formula 1 team. The outfit has made large losses since it joined the sport back in 2010. The latest accounts show a £46.3 million loss with a 5 per cent drop in revenue. The stake was sold to majority shareholder Marussia Motors according to a spokesperson, leaving management with just 7.3 per cent. "LDC has sold its minority shareholding in the Marussia F1 team to Marussia," the spokesperson confirmed. "While the details will remain undisclosed, the terms of the transaction will enable LDC to recoup the full value of its investment in the...
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12y ago from TheF1Times.com
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