Lotus F1's £64 Million Loss In 2013 Is The Biggest Ever Made By A Race Team

The Lotus F1 Team made a net loss of £64 million in 2013, which is believed to be a record figure for a racing team. It was the Enstone-based outfit’s most successful season since being taken over by Genii Capital at the end of 2009, but despite the on-track success (which included a victory for Kimi Raikkonen at the Australian Grand Prix) it continued to struggle off the back of it.

Forbes reports that the huge loss figure was owed to the team’s substantial costs and interest payments on inter-company loans. Revenue remained stable at £92.6 million but despite cutting costs by £3 million, net losses increased by £10 million and interest payments on loans rocketed from £600,000 to £13.5 million.

Lotus owner Gerard Lopez says he is looking to bring more investment to the team, potentially including a new title sponsor.

The team and its two race drivers Romain Grosjean and Pastor Maldonado have so far suffered a dismal first half of the 2014 season, scoring just 8 points in 11 races. The Renault-powered E22 is tricky to drive and unreliable, but Lotus will be hoping for a more positive end to the year.