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SBD Global/January 29, 2014/Franchises

Lotus F1 Team Sells Reported Stake Of 10% To Russian Backer Yota Devices

Lotus F1 team Owner Genii Capital "has agreed to sell a stake in the squad to new Russian backer Yota Devices Company," according to Kabanovsky & Noble of AUTOSPORT. The Enstone-based team announced a sponsorship deal with YotaPhone last week. But as well as using its brand to enhance the profile of its mobile phone company, Yota Devices "has bought a minority shareholding in Lotus too." It is not clear "how big the stake is," but sources have suggested that it is around 10%. Although Lotus "would not confirm the buy-in," a spokesperson for Yota Devices revealed that "the tie-up with the team included an investment plan." Spokesperson Kirill Lubnin said, "It is not a sponsorship, we have bought a stake" (AUTOSPORT, 1/28).
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