Marussia aiming for 2015 grid and “long-term viable solution”

Against the odds Marussia has taken the first steps towards being on the grid in 2015, and the team is set to come out of administration later this month.

It’s understood that confirmation that the team will receive its payment for finishing ninth in the World Championship has been the key factor.

The World Motor Sport Council is set to confirm that the team can use its 2014 chassis, after the FIA said last year that it would allow the two struggling teams to do so, despite rule changes.

One of the keys of course is that the team has a power unit – it currently owes over £16m to Ferrari. In the past ‘Bernie money’ has often been diverted straight to engine suppliers to cover the bills of struggling teams, but in this case there is obviously a legal process to be adhered to.

Administrator Geoff Rowley of FRP Advisory said: “Since the appointment of administrators negotiations have taken place with a number of parties to try and secure a long term solution for the team.

“We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season.

“It is envisaged that, prior to the commencement of the first race of the 2015 season, investment into the business will be made upon the Company exiting from administration via a Company Voluntary Arrangement (“CVA”), which is planned for 19 February 2015. A CVA is a restructuring process agreed with the Company’s creditors which allows for a turnaround of the business and the creation of a longer term viable solution for the team. Given the confidential nature of the negotiations underway we are unable to provide further details.

“The joint administrators would like on behalf of Marussia F1 Team to thank all involved with the team for their support during this process.”

The Banbury factory, which was not actually owned by the team, has been acquired by Haas, so Marussia is likely to use its original base.

3 Comments

Filed under F1, F1 News, Grand Prix News

3 responses to “Marussia aiming for 2015 grid and “long-term viable solution”

  1. Lochiw (Australia)

    With a seemingly good Ferrari PU in the back of it, stick a 2015 nose on the 2014 chassis, a couple of fearless young drivers…who knows.. Good luck to them. It smells a bit of Bernie though. The Australian GP needs to have 18 cars by contract, and with Force India looking a bit in trouble, not paying bills, is this a little shelf company Bernie has put together for a few million to make sure he meets the contract terms. More than meets the eye I reckon….. What you say Coops?

  2. Sean

    Would they be required to update their nose at some point during the season? Surely it’s not asking that much and probably one the biggest technical change?

  3. petes

    Shades of Mercedes and McLaren 2014……Ferrari won’t be too keen on letting Honda in on their IP.
    Fingers crossed though that the big picture goes ahead.

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