Kevin Magnussen loses record amount since F1 start

Kevin Magnussen and his billionaire business partner Anders Holch Povlsen have lost a record amount of money on their F1 venture.

Magnussen has been backed by clothes magnate Povlsen for a number of years, but it appears their investment isn't paying off according to The Copenhagen post.

The publication reports that the pair have lost 76 million kroner (approximately £8.7 million) before tax in the last year. However, over five years, their loss is at 151 million kroner (£17.3 million), which is reportedly down on last year.

Jyllands-Posten adds that action in the form of sponsorship and prize money is already being taken to offset the losses.