After a poor start to the season by the Peugeot team, the French manufacturing giant has already reduced it's stake in the team. More bad news followed when TF1 also announced they wanted to sell their stake due to cuts by the broadcaster. The Peugeot Group own 46% of the racing team which is at heart Meteor Motorsport. However, with effect of next month Peugeot have announced they will reduce their shares to 20%. TF1 have also sold back their 2%.
Kazuki Armos has since confirmed that he will buy back the remaining stake in the team and already has investors lined up to purchase shares in the team. The team did confirm the Peugeot name will remain in the sport for the foreseeable future unless Peugeot withdraw their stake completely. Reportedly Peugeot have said that they will reduce their shares in the team further if performances do not improve in the future, but while saying this have no intention to back out completely. As well as this, Peugeot have apparently insisted to Kazuki Armos they will re-purchase shares if performances improve next season. Next season at present the driver line up stands as Jean Mattson and Kurtis Gardner but could the inexperienced Gardner have to make way for a more experienced driver just days after his confirmation as race driver in the wake of the current situation. Peugeot have not commented on the situation. Meteor Motorsport also announced that as a racing company that 15% of shares in the subsidiary Peugeot outfit will but put up for 'crowdfunding' on seedrs as of tomorrow with a target of raising £1,000,000 over the coming months in order to partially fund the team. A statement from the team read: 'With regret with announce that Peugeot Automotive have reduced their share in the team to 20%. We are still looking to the future and have a long-standing partnership with Peugeot to remain as a works team and engine supplier as long as they commit to the team. Next season we remain committed to our partnership with LucasGP as a joint Peugeot venture. We announce an inaugural scheme to allow fans of the sport to pledge up to £250,000 in order to supply the required £1,000,000 for a share in the offered 15% of the team'.
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