Formula One team Lotus is trimming expenses further this season after its 2013 loss widened because of higher financing costs, according to a financial statement filed in London.
Private equity firm Genii Capital SA’s team, based in Enstone, England, had a loss of 64.9 million pounds ($108 million) compared to 55.3 million pounds for 2012, according to the statement at the Companies House registry.
Sales, mainly from sponsorship and prize money, were little changed at 92.7 million pounds.
Lotus, whose drivers are Romain Grosjean and Pastor Maldonado, has dropped to eighth from fourth in the constructors’ championship since the end of last season, falling behind other U.K.-based teams including McLaren and Williams Grand Prix.
Owning the team is “great business” because of the networking opportunities it brings, even though it loses money like other Formula One teams, team director Gerard Lopez told the Independent Aug. 15.
The next race is the Aug. 24 Belgian Grand Prix, the 12th of 19 races this season.