Russian Sports Car Maker Buys Stake in Virgin Racing, FT Says

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Marussia, a Russian sports car maker set up by Nikolai Fomenko, an ex-racing driver, is buying a majority stake in Virgin Racing, a Formula One team backed by U.K. entrepreneur Richard Branson, the Financial Times reported, citing Andrei Cheglakov, a co-investor in Marussia.

LDC, Lloyds Banking Group Plc’s private-equity arm, is selling the stake; Marussia didn’t disclose its exact size, or the price it’s paying, the newspaper said.