Lotus Formula 1 team sells stake to new Russian backer

Lotus Formula 1 team owner Genii Capital has agreed to sell a stake in the squad to new Russian backer Yota Devices Company, AUTOSPORT reports.

The Enstone-based outfit announced a sponsorship deal with YotaPhone last week, with its logos featuring on images of the new E22 that were released.

But as well as using its brand to enhance the profile of its mobile phone company, Yota Devices has bought a minority shareholding in Lotus too.

It is not clear how big the stake is, but sources have suggested that it is around 10 per cent. More at Autosport