The private equity arm of the Lloyds Banking Group, LDC, has taken a stake in Manor. They are reported to have invested around £10 million in the deal.
Along with LDC, Manor are expected to formerly announce a deal with the Virgin Group later this week, a deal which will see the team renamed Virgin Racing.
“It’s a new era in F1,” LDC director Carl Wormald told the FT. “There is a resource restriction but the revenue is the same. There is also a degree of stability.”
Manor’s founder John Booth commented, “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.”
Timo Glock will take one of the race-seats at Manro next season and it is widely believed that Lucas di Grassi will be the second driver for the team.
