The Renault F1 operation has reportedly taken out a bank loan with Lithuania’s AB Snoras bank, sparking speculation that the outfit’s financial position is not as healthy as one might think.
The Evening Standard has run a report claiming that outfit – now 85%-owned by Luxembourg-based investment firm Genii Capital – has borrowed money to over a cash shortage due to the loss of several key sponsors in the last year.
Dutch bank ING, and companies such as Mutue Madrilena and Pepe Jeans all walked in the wake of the outfit being implicated in the 2008 Singapore Grand Prix ‘crashgate’ scandal.
The outfit has also been the subject of recent takeover speculation – with Renault rumoured to want to buy back much of the shareholding it sold to Genii – and hints of its financial viability were mooted earlier when the squad requested an advance on its next instalment of the Concorde Agreement TV revenue at the German Grand Prix (pictured).
The Standard wrote of the apparent loan: “It’s not known when the loan has to be repaid by but it is clear that if the team fails to repay, Snoras could call in its security and take control of it.”
Interesting times, indeed…
[Original image via AUTOSPORT]
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