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Kevin Magnussen loses record amount since F1 start

  • Published on 23 Dec 2016 17:43
  • comments 0
  • By: Dominik Wilde

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.

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