F1: Marussia shares sold

Marussia F1 Team’s British driver Max Chilton drives at the Bahrain International Circuit in Manama on April 21, 2013 during the Bahrain Formula One Grand Prix. AFP PHOTO / TOM GANDOLFINI (Photo credit should read Tom Gandolfini/AFP/Getty Images)

Minority shareholders of Marussia F1, LDC (Lloyds Development Capital), have sold their shares, amounting to 25.3% of the team’s backing. The sale comes after incurring huge losses due to a lack of success following the team’s entry into the sport in 2010. LDC are the second shareholders to sell their shares back to the parent company. At the end of the 2011 season, billionaire Richard Branson’s Virgin group sold their shares to Marussia following a string of poor performances.

“LDC has sold its minority shareholding in the Marussia F1 team to Marussia. While the details will remain undisclosed, the terms of the transaction will enable LDC to recoup the full value of its investment in the business,” a spokesperson told The Telegraph.

The spokesperson continued by ensuring that the £38m loan, taken by the team in 2011, will be retained.

Marussia continue to struggle financially, but, on the track, they seem to be improving by the race. Now that they have an impressive driver in Jules Bianchi, they hope to fend off Caterham to the coveted 10th spot in the constructors table. The withdrawal of LDC pressurises the team to perform well, having failed to score any points since their arrival.