Lloyds takes Manor GP stake

16th December 2009

Lloyds TSB Development Capital (LDC), part of Britain’s Lloyds Banking Group, has bought a stake in new British Formula One team Manor GP.

UK newspaper The Financial Times reported that the stake was worth around £10 million. LDC is the private equity arm of Lloyds Banking Group.

Reuters reports that the LDC said the investment was consistent with its principles of “seeking out unusually attractive market segments, and then backing British business, proven management teams and of continuing to invest throughout the business cycle”.

“Together with a unique commercial and sponsorship strategy that is expected to produce strong revenues, this talented team is well-placed to capitalise on the huge commercial opportunities presented by F1,” said LDC.

“LDC believes that an investment now in a F1 team is most attractive as the governing body, the FIA, has moved to ensure that an already very attractive industry will be made more viable in the future.”

LDC said the team would be creating more than 100 new jobs in Britain. It will be led by Chief Executive Alex Tai, sporting director and team founder John Booth, and team chairman Etienne de Villiers. Tai is a former senior director at Virgin Group, which is title-sponsoring the team. De Villiers is a former Walt Disney Studios executive and chairman of the ATP World Tour and BBC Worldwide

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