Lotus Formula 1 Team Lost £57M In ’15 Prior To Takeover By Renault

Lotus lost their shirt in 2015

The Lotus F1 team posted a loss of £57M in '15 "prior to the takeover by Renault, newly released accounts indicate," according to Adam Cooper of Motorsport.

That represents a "massive change" from '14, when the company lost £5.8M. The Enstone team "operated under its previous identity" until almost the end of the '15 calendar year, as the deal to sell it to Renault subsidiary Grigny (U.K.) Ltd. was completed on Dec. 18.

Last year, turnover fell by £36.3M from £114.7M in '14 to £78.4M, which the team says "relates predominantly to a reduction in sponsorship for the year."

Meanwhile, cost of sales fell by £11M "as the team reined in spending," a number that recognizes the "difficult season and associated budgetary constraints faced by the company during the year up until the takeover in December 2015."

In an overview of its position, the team said that "the company's strategy for 2016 is to reconstruct the company with the right level of spend, investment and new working practices to reflect Renault's long term sporting ambitions and strict business plan" Motorsport