The Lotus Formula One team has just revealed its 2013 financial results and it could in fact be the largest loss ever posted by an auto racing outfit.
For the year ending December 31, 2013, Lotus posted a $107.9 million net loss. Such a high loss was triggered by huge costs from within the team as well as interest payments on inter-company loans. For 2013, net losses increased by $16 million while revenue remained largely unchanged at $154.1 million. Elsewhere, costs were slashed by $5 million with the real killer being the increased interest payments. They rose from just $1 million up to $22.6 million!
Last year, much attention was drawn to the financial issues of Lotus as Kimi Raikkonon claimed he was not being paid. When he left Lotus for Ferrari this season, he claimed that the team still owed him $24 million.
Despite the name suggesting otherwise, the Lotus F1 team doesn’t have any affiliation with Lotus Cars.