LDC secures partial exit from Virgin Racing

The deal will provide LDC with a partial exit from the company it backed just one year ago, although it will retain a shareholding in the business, along with Virgin Racing's management team.

The news comes just days after team manager John Booth reacted angrily to comments made by F1 boss Bernie Ecclestone, who questioned the team's ability and funding to compete at F1 level.

The transaction will secure long-term funding for the team. Marussia has sponsored the team throughout the current season and had made an approach about a possible investment earlier in the year.

Late last year, LDC invested in the team – then called Manor Grand Prix – as part of a buyout deal worth a reported £10m. The private equity firm had been introduced to Manor in June 2009 through LDC's network of contacts. Management had spoken to several other potential backers, including other private equity firms, but is thought to have chosen LDC because of the investor's growth plans for the business.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Julian Longhurst on +44 20 7004 7449 or julian.longhurst@incisivemedia.com

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