The title might not cover the whole story in this one. The original purpose of this article was to dedicate an article regarding Bernie Madoff’s pyramid scheme that destroyed the financials in 2008 and changed the Formula One. However, this might still be a sensitive subject for some. Therefore, I shifted to the start of the 2010 season. For several reasons this was an interesting year. Besides the four new teams, despite the global financial crisis, that were to debut there was another thing. Investment groups, in the wake of the financial crisis, appeared in the sport. Such as Genii Capital that purchased a large stake in the Renault F1 Team in December 2009. More interestingly is Lada that appeared in the Formula One for a brief period of time.
Just a small recap back in 2008 the financial crisis hit globally countries as Greece were even on the verge of total bankruptcy not long after. Neither was the Formula One spared from the crisis. After the 2008 season, it became clear that uncertain times were ahead. Honda left the sport in 2009 and sold their team to Ross Brawn. While for 2010 BMW sold their team back to Peter Sauber and Toyota disappeared from the grid as well. With rumours stating that, several teams were on the edge of bankruptcy. Renault was one of them, though they were saved by Genii Capital the 16th of December 2009.
It is Genii Capital that eventually brings Lada in the Formula One. Back in 2008, when there was yet a financial crisis to come Renault had purchased a 25% stake in the Russian carmaker avtovaz (Worth 1 to 1.5 billion dollar). At this point Renault tried to expand their brands through the continents there were plans to bring Lada back on the market. Remember the Lada’s appearing in the WTCC?
The first of March 2010, the announcement was made that “Lada” signed a sponsor deal with the Renault F1 Team. That same year Vitaly Petrov would make his debut in the Formula One with the team. The Lada logo would appear on the car and on Petrov’s overalls. There were even rumours at that point that Lada could appear as well in the name of the team. However, this would not happen as Genii Capital purchased 75% of the team the 14th of March. With Robert Kubica the team had a decent season. For 2011, the Lada logo would still be on the R31. At this point, the team became Lotus Renault GP with the colour scheme of the good old John Player Special of the 70s. Yes, there was a second Lotus team on the grid at that point.
In 2011, things went less for the team, less points and less competitiveness. Yet, the Lada logo was on the car still and also on the overalls from Petrov. Eventually, the Lada logo would disappear from the Genii Capital Formula One cars in 2012 that were now branded Lotus. It did not mean the end for Lada. The team did some racing in the WTCC in 2009 and 2010 to pull out of the championship. They used the time to return in 2012 with the Lada Granta with ace James Thompson. In 2014, the last season, Lada would win two races Beijing and Macau.
I believe it is safe to say that thanks to Bernie Madoff’s pyramid scheme Lada was able to appear for a brief period in the Formula One as a sponsor.
