Abu Dhabi-based business group in consortium that takes 35% stake in British racing team
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.