Lloyds Development Capital (LDC), the private equity arm of the part UK government-owned bank, has reportedly sold its stake in the Marussia Formula One team to the Russian carmaker which owns the majority of the company.LDC was a founder partner in the team, which made its Formula One debut as Virgin Racing in 2010 before being purchased by Marussia Motors at the end of 2010.LDC is believed to have owned 29.4 per cent of the business, having invested around UK10 million in the team as it was created and, most recently, agreed to a loan of UK38.4 million two years ago.Although precise detail of the shareholding change has not been revealed, a Marussia spokesman told The Daily Telegraph newspaper that "LDC has sold its minority shareholding in the Marussia F1 Team to Marussia.The spokesman added: "While the details will remain undisclosed the terms of the transaction will enable LDC to recoup the full value of its investment in the business."Marussia is now believed to own all but 7.3 per cent of the company, with the remainder shared between the team's current and former management, according to the Daily Telegraph.Despite an encouraging start to the 2013 season, Marussia has failed to score a point in its three seasons in Formula One.Speaking to SportsPro before the start of the 2013 championship, team president Graeme Lowdon told SportsPro said Marussia, Formula One's smallest outfit, was keeping a close eye on costs. "Our budgeting process and commercial controls are, I think, very good," he said, "and very efficient and that allows us to plan very well as a team."That's so important. Teams can get themselves into all sorts of problems if they have runaway costs and in a technical discipline like Formula One it's not unheard of for teams to fall into that trap."

Source: SportsPro