Lloyds invests in Manor GP

The banking group Lloyds will be one of the sponsors of the new Formula 1 team, Manor GP, which will soon be renamed Virgin Racing. The Financial Times reported that LDC made an investment of 10 million pounds sterling (a little over 11 million euros) and believes that the current cost reduction programs in F1 make the world championship an attractive business.

“It’s a new era in Formula 1,” said Carl Wormbald to the FT. “There is a restriction of resources, but the formula is the same. There is also a certain degree of stability.”

The founder of Manor John Booth welcomed the participation of the LDC group: Banks have not had good publicity lately, but it is great to see them investing in young companies of this type that create jobs.

Virgin is about to announce its partnership with Manor at an event in London tomorrow. The team has already signed Timo Glock as the first driver while Lucas di Grassi is the favorite for the second seat.