News Details
Lotus F1 suffered huge financial loss before takeover
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Recently published accounts have revealed that the Lotus F1 team, then owned by Gravity Motorsports and its affiliate Genii Capital, sustained a huge £57 million loss at the end of 2015. The main culprit of the team's reduced turnover and the subsequent loss, which increased from approximately £5.75 in 2014, was a substantial decrease in sponsorship according to the company's official report. Lotus also claimed that cost of sales fell by £11m, as a result of "the difficult season and associated budgetary constraints faced by the company during the year up until the takeover". The company noted however that "the financial statements shows a positive movement in...
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