Lloyds gave £10m loan to Formula One's worst performer before sale The Banbury-based team has never scored a point since joining F1 in 2010. Last year it finished bottom, in 11th place, and currently lies one spot higher. Lloyds" private equity division, Lloyds Development Capital (LDC), had originally invested £10m in the team in 2009, to give it a 25.3pc stake. In April, The Daily Telegraph revealed that LDC had sold its shares to Marussia, the Russian sports car maker after which the team is named. Despite the team's poor performance on the track, the bank has confirmed that the sale enabled it "to recoup the full value of its investment in the business." Accounts for the team's parent company, Manor HoldCo, show that in the year to December 31, 2012, borrowings rose by £33m. LDC provided only a small portion of this but confirmed it has a residual loan, thought to be around £10m, with the business. The debt was needed to keep the team ticking over in 2012, as it burned up a £59m net loss which widened by 27.4pc on the previous year. It was driven by an 8.7pc increase in costs to £76.1m, while revenue rose by only 2.9pc to £29.4m. Marussia's performance outside F1 also spluttered, as the accounts show that its team in the sport's feeder series, GP3, made a £178,000 net loss in 2012 on revenue of £1.2m. Marussia F1"s chief executive, Andy Webb, says that the F1 marketplace "continues to exhibit some volatility in terms of sponsorship income which has come under pressure from the condition of the global economy." In the 2011 accounts, Webb revealed that he was in "active discussions with potential new investors" and in the latest filing he says there are still "ongoing discussions with a number of interested parties." The 2011 documents also stated that Marussia aimed for a podium finish in the inaugural Russian Grand Prix next year, but this target is noticeably absent from the latest accounts.