Lotus record £64 million loss during 2013
|20 August 2014 by TF1T Staff | M||Tweet
The Lotus F1 Team has recorded losses of £64 million during the financial year of 2013 according to its latest accounts.
The losses come just days after team co-owner Gerard Lopez dismissed talk of financial problems at the Enstone outfit.
A report in Forbes states the loss is a result of inter-company loans between the team's owner, Genii Capital, and the interest accrued on those loans.
The 2013 accounts show that revenue was stable at £92.6m ($154m), but net losses rose by almost £10m ($16m) as interest payments increased to £13.5m ($22.5m).
The increase in interest payments is down to the fact loans to the company have almost doubled to £125m ($208m), made up of third-party debt and group loans.
2014 accounts may well show a minor improvement after the team sold a 10 per cent stake to Russia's YotaPhones following the failure to sell a 35 per cent stake to Quantum Motorsport last year.