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SBD Global/August 20, 2014/Finance

F1 Team Lotus Reports '13 Loss Of $108M, Up From £55.3M In 2012

F1 team Lotus is "trimming expenses further this season" after its '13 loss "widened because of higher financing costs," according to Alex Duff of BLOOMBERG. Private equity firm Genii Capital SA’s team, based in Enstone, England, had a loss of £64.9M ($108M) compared to £55.3M for '12. Sales, "mainly from sponsorship and prize money, were little changed" at £92.7M ($154M). Lotus Chair Gerard Lopez said that owning the team is "great business" because of the "networking opportunities it brings, even though it loses money like other Formula One teams" (BLOOMBERG, 8/19).
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