Lloyds Banking Group buys Manor GP F1 team stake

BY foxsports • December 17, 2009

The private equity arm of Britain's Lloyds Banking Group has bought a stake in the new Manor GP Formula One team.

Lloyds TSB Development Capital says Manor GP represents an attractive investment opportunity because it is ``well-placed to capitalize on the huge commercial opportunities presented by F1.''

The company did not give the terms of the investment but The Financial Times reported it to be worth about $16.2 million.

Manor will compete as Virgin Racing and has already confirmed German driver Timo Glock for the F1 season starting in March. It joins four other new teams for 2010: American entrant USF1, Campos, Sauber and Lotus.

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