Renault’s latest accounts show that its Formula 1 team, now owned by Genii Capital, made a £34.3 million loss in 2010 – its final year of full ownership.
That figure compares to a £4.8m post-tax profit in 2009. The sudden drop can be accounted for after the withdrawal of title sponsor ING toward the end of the 2009 season following on from the crash-gate scandal of 2008 – it’s believed the deal cost the team almost £40m.
The outfit did however make massive savings between 2009 and 2010 after the departure of Fernando Alonso to Ferrari, who’s salary was reputed to be almost £13m, which contributed to an 18% fall in operating costs.
Following the buyout from Genii Capital, which now owns 100% of the team, the outfit is likely to return to profit with Group Lotus investing £25m in title sponsorship.
Speculation in the paddock suggests that Group Lotus could take at least 50% ownership in the outfit before the 2012 season which would see the team renamed from Renault GP to Lotus GP, though a court order means they cannot use the famous ‘Team Lotus’ name which is exclusively reserved for the Tony Fernandes’ owned outfit, though the Malaysian businessman hinted that his outfit could indeed be renamed before next season.
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