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Recently revealed documents have uncovered a huge £56.994 million loss for the Lotus F1 team in 2015.
The British-based team, which was sold to Renault prior to this season for "a consideration of £1" also had turnover decreased by £36.3m due to a reduction in sponsorship, while the cost of sales also fell by £11m.
Despite those decreases, operating expenses rose by by £6.7m and financing costs increased by £1.7m to £22m . However, those costs are expected to tumble this year due to the team's better financial position after the takeover.
With Renault's plans for 2016 focused on rebuilding the struggling team, a report into the team;s finances states that "the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern principle in the financial statements."
The report also states that engine supply deals with Red Bull and Toro Rosso are in place for the next two seasons.
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C. Sainz jr
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