Lotus Renault F1 Team Announce Substantial Loss for Last Year

anesthetist helvetica, capsule sans-serif;”>The Lotus Renault Formula One team published their latest accounts showing a whopping £34.3 million ($54.4mn) loss last year.

According to media reports, the company’s final year as an owner in F1 saw the team register the loss, following post-tax profits of £4.8m ($7.61mn) the year before. 

The Guardian said that a major reason for the slump was the exodus of sponsors after the team was charged in September 2009 for orchestrating a deliberate crash at the 2008 Singapore Grand Prix.

Turnover in the year to 31st December 2010 dropped by 49% to £82.2m ($130.4mn), with the loss of title sponsor ING accounting for £41m ($65mn) of the total.