The Guardian reported that the company’s final year as an owner in F1 saw the team register a considerable fall from post-tax profits of £4.8 million the previous year. According to the newspaper, 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 December 31, 2010 dropped by 49% to £82.2 million, with the loss of title sponsor ING accounting for £41 million of the total. Luxembourg-based private equity firm Genii Capital acquired a 75% stake in the team from Renault in December 2009 and then acquired the remaining 25% a year later, although Renault remains in F1 as an engine supplier to several teams.
According to The Guardian, the accounts stated that the team is a going concern “as it is anticipated that the owners will continue to support the operation of the company as a Formula 1 team for the foreseeable future”. Genii has been reportedly considering a sale of the operation, with title sponsor Lotus and Prodrive’s David Richards both linked with a possible takeover.
