15 Dec 2009

Lloyds Bank to sponsors new GP team

6:07 am on 15 December 2009

Britain's bailed out Lloyds Banking group is taking a stake in the new Manor GP Formula one team, which will compete next year as Virgin Racing.

The Financial Times said the deal was believed to be worth about 22 million dollars.

Manor have confirmed Germany's Timo Glock as one driver, with Brazilian Lucas di Grassi expected to be the other, and they say they'll be creating about 100 new jobs in Britain.