​Lotus F1 team makes record loss

Updated: 
Germany F1 GP Auto Racing
ASSOCIATED PRESS

Formula 1 is a sport famed for the huge sums of money tied up in it. And the latest Bernie Ecclestone debacle saw £60 million handed over earlier this month to get a bribery trial dropped.

However, it's not earnings but losses that mark out the Lotus F1 team, as it managed to lose a spectacular £64 million in the 2013 financial year according to its latest accounts – despite winning a race and coming fourth in the constructors' championship.

This announcement follows only days after Gerard Lopez, team co-owner, dismissed claims of financial problems at the team. A Forbes report claims that this loss results from inter-company loans and accrued interest, writes the F1 Times.

Accounts from the last financial year show Lotus' revenue holding steady at £92.6 million, while net losses jumped by around £10 million, thanks to interest payments, which rose from around £600,000 to a substantial £13.5 million – as loans to the company nearly doubled to a total of £125 million. Accounts for 2014 may show some slight improvement after the company sold off a 10 per cent stake in the business.

Despite the dire financial situation, last season was the Lotus' most successful since being taken over in 2009. The team has made an atrocious start to the 2014 season, however, with just eight points from 11 races, with criticism leveled at the car's handling and reliability. Lotus has only managed to pick up points from two races this season, the Spanish and Monaco Grands Prix, which were held back in May.