Lotus sells minority stake to Russian firm

Lotus sells minority stake to Russian firm

27 January 2014 – Lotus owner Genii Capital has sold a stake in the outfit to Russia's Yota Devices, Autosport has reported.

After a tie-up between the two parties was announced last week, the YotaPhone logo appeared on rendered images of the outfit's new E22, with the company taking up a significant slot on the front wing endplates.

But it has now emerged that the brand also purchased a shareholding, said to be in the region of 10 percent.

The company plans to apply Formula 1 technology to the IT-industry for the duration of the partnership.

Genii held all shares of the Lotus team until the beginning of 2013, when it sold a two percent stake to Andrew Ruhan, who now serves as co-Chairman alongside Team Principal and Genii founding partner Gérard Lopez.

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