Oct.17 (GMM) The British bank Lloyds is eying a minority stake in the new Manor formula one team.
Rumoured to already be strongly backed by Virgin, and possibly renamed after Sir Richard Branson’s famous brand, Manor could also sell up to a 15 million pounds sterling share to Lloyds, which is nearly half-owned by the British taxpayer.
The Times newspaper said the deal would not involve on-car sponsorship or other advertising, but would nonetheless be controversial.
“Many customers will find it impossible to understand why, when Lloyds is cutting back on lending to thousands of small but sound British companies, they have money to spend on vanity projects of this kind,” said Liberal Democrat politician Vince Cable.
A source close to Lloyds said: “They are not doing this for the sponsorship or the glamour. This is about backing a strong management team in a specialist engineering business.”
