Lloyds TSB Development Capital, the private equity arm of Lloyds Banking Group, has invested £10 million in the Manor F1 team.
Cost-cutting measures in F1 cited as reason for backing
Lloyds TSB Development Capital, the private equity arm of Lloyds Banking Group, has invested in the Manor F1 team to the tune of £10 million.
The Manor team, who are set to officially announce their partnership with Virgin on Tuesday, are one of four new teams on the 26-car grid for the 2010 season.
According to the
Financial Times, the financial group's investment came about as a result of the new cost-cutting measures agreed between teams and the FIA last summer.
"It's a new era in Formula One," Lloyds TSB Development Capital director Carl Wormbald told the newspaper.
"There is a resource restriction but the revenue is the same. There is also a degree of stability."
Team founder John Booth said the investment was a major boost for the fledgling operation.
"The banks have had their share of bad publicity but it is great to see them investing in a young company like this that is creating jobs," he said.
