UAE firm among new investors in F1's Lotus team

Kimi Raikkonen of Finland and Lotus celebrates on the podium after winning the Abu Dhabi Formula One Grand Prix at the Yas Marina Circuit on November 4, 2012 in Abu Dhabi, United Arab Emirates. (Getty Images)

Kimi Raikkonen of Finland and Lotus celebrates on the podium after winning the Abu Dhabi Formula One Grand Prix at the Yas Marina Circuit on November 4, 2012 in Abu Dhabi, United Arab Emirates. (Getty Images)

A consortium of private investors, including an Abu Dhabi-based multinational business group and an American hedge fund manager, has acquired a 35 percent stake in British-based The Lotus Formula One team.

The British-based team said in a statement that Infinity Racing Partners Limited had joined Luxembourg-based Genii Capital, who retain the remaining 65 percent through an investment vehicle, as shareholders.

Genii's head Gerard Lopez will continue as chairman of what was formerly the championship-winning Renault team before it changed its name.

The statement said Infinity Racing also included "royal family interests of a major oil producing nation" among its investors. It named Mansoor Ijaz as chairman, with Suhail Al Dhaheri as vice-chairman.

"Infinity Racing's principals have exceptional expertise and a proven strong track record in developing and delivering high quality technologies," Lopez said.

"This partnership will enable us to increase Lotus F1 Team's competitive advantage related to KERS technology as it becomes more central to Formula One's push for environmentally sound racing, while also making Lotus F1 Team more marketable as a brand, opening up additional major sponsorship opportunities."

Lotus have Finland's 2007 world champion Kimi Raikkonen and Frenchman Romain Grosjean as their drivers this season, with Raikkonen winning the season-opening race in Australia and currently third overall.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia, other issuers gear up as Gulf bond crush looms

Saudi Arabia, other issuers gear up as Gulf bond crush looms

Cash-strapped region gears up for one of its heaviest-ever periods...

Saudi central bank fights to curb money rate rise

Saudi central bank fights to curb money rate rise

Commercial bankers say more radical steps may be needed to fight...

Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Discussed
sponsoredTracking