British bank sells Marussia team shares

Lloyds, the quasi-government owned British bank, has sold its stake in the Formula 1 team Marussia.

Formula 1 business journalist Christian Sylt said the bank's private equity division LDC decided to sell its 25.3pc stake due to huge losses and the team's lack of results.

"LDC has sold its minority shareholding in the Marussia Formula 1 team to (Russian supercar maker) Marussia," a spokesman confirmed to the Telegraph.

The spokesman said the team will continue to have a loan from LDC.