The ten teams in Formula One auto racing have amassed total net debts of $318.2 million with Lotus alone accounting for 64.2% of this according to new research.
Lotus is controlled by private equity firm Genii Capital which was founded by Gerard Lopez, an early investor in Skype. It has been under fire from creditors in recent months and narrowly avoided having its cars impounded at last weekend’s Belgian Grand Prix following a legal dispute with former reserve driver Charles Pic. Prior to that, a court had ordered the team to clear nearly $1 million of unpaid bills as Britain’s Sunday Express newspaper revealed. Lotus is reportedly due to be taken over imminently by the French car manufacturer Renault in a bid to give the team a boost.
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