Lotus sells share in team to UK property tycoon

Lotus F1 Team logo. Formula One World Championship, Rd16, Korean Grand Prix, Practice, Korea International Circuit, Yeongam, South Korea, Friday 12 October 2012.

Formula 1 team Lotus has reportedly sold a $1.5 million stake to a British property investor.

Writing in the Telegraph, Formula 1 business journalist Christian Sylt said the buyer is Andrew Ruhan, who bought a 2 per cent stake from team owner Genii Capital.

Genii’s Gerard Lopez confirmed that Ruhan is “a friend and a business partner in some substantial real estate developments, loves cars, racing and has purchased, if I am not mistaken, 2pc of the equity to be on the board and feel involved -– for sure, not a substantial deal for either party.”

Sylt also revealed in the Telegraph that, having initially refused to let Mercedes onto Formula 1’s board as per other top teams, Bernie Ecclestone has now appointed a Daimler executive.

“Correct,” Sylt told us. “Pre and post (the sport’s floatation), they’re on it.”