Social media network DriveTribe has posted £12.5m of losses in its first two years of operation.
Launched in 2016, the network is the brainchild of The Grand Tour trio Jeremy Clarkson, Richard Hammond and James May, along with show producer Andy Wilman.
Despite a large following, the site has failed to return a profit since its inception. It lost £8.3m in 2017, following a £4.2m loss in 2016, accounts filed last week have revealed.
The former Top Gear presenters and producer put their own money into DriveTribe ahead of its launch, along with a number of investors – including entertainment giant 21st Century Fox and private equity firm Breyer Capital.
Pitched as a place for petrolheads to express themselves, DriveTribe users can set up ‘tribes’ on the site focused on sub-topics within motoring. Along with Clarkson, Hammond and May, other celebrity tribe leaders include Formula One world champion Damon Hill, renowned Porsche enthusiast Magnus Walker and the Duke of Richmond, owner of the Goodwood estate.
Despite its ownership, DriveTribe isn’t officially affiliated with The Grand Tour or Amazon Prime – the creator of the show. The online programme is set to start its third series – the final one of its current contract – in the coming months.
No official confirmation of a new deal has been announced yet, but earlier this year Clarkson branded rumours of a cancellation as “horse ****”.
The Press Association has approached DriveTribe for a comment.