Tag Archives: Marussia

Administrators trying to save Marussia

Marussia now formally gone into administration as attempts continue to save the Banbury-based team.

Geoff Rowley and Geoff Carton-Kelly, partners of FRP Advisory LLP, have been appointed joint administrators of Manor Grand Prix, the company behind the team.

The team was always facing a deadline related to the Russian GP. Owner Andrey Cheglakov wanted to see a car on the grid at his home race, but had tired of underwriting the running costs of the team.

One key to the future is the question of whether the team still has a Ferrari contract. Sources told this writer in Sochi that that might no longer be the case.

Rowley explained: “Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating a F1 team requires significant ongoing investment.

“With the existing shareholder unable to provide the required level of funding, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available. Therefore, they have been left with no alternative but to place the Company into administration.

“With the Marussia F1 Team now in administration, the joint administrators have assessed that, given the current financial circumstances of the Group, it is not viable for the Marussia F1 Team to participate in the next race, the 2014 Formula 1 United States Grand Prix, due to take place this weekend in Austin, Texas.”

The comment regarding the existing shareholder would seem to be a little ungracious given that sources have told this writer that Cheglakov has pumped £185m into the team.

Regarding the future, Rowley said: “The Company will continue to operate while the joint administrators assess the longer term viability of the Company in its present form.

“Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi, and the team’s participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.

“No redundancies have been made following the Company’s entering into administration and all staff have been paid in full to the end of October. The ongoing staff position will however be dependent on whether the Company can secure new investment in the limited time available.

“We remain highly focused on engaging with interested parties.”

3 Comments

Filed under F1 News, Grand Prix News

Chilton hoping for continuity with Marussia

Max Chilton says he’d like to benefit from continuity by staying with Marussia for a second season in 2014.

His team mate Jules Bianchi has already been confirmed, but thus far there has been no firm word on Chilton’s future. Inevitably other drivers have been linked to the seat, but equally Chilton’s budget is of potential interest to other teams.

“There’s been lots of chat, but we’re not far off it,” Chilton told this writer. “We’re just trying to get the final details sorted. I try not to worry about all the other stuff you hear, because a lot of it is gossip. As long as we know what we’re up to and the team want me back.

“I’ve said that continuity is key. I learned that with Carlin [in GP2]. The car was quick but because the team was not 100% fused we didn’t have many results. The next year I suddenly had podiums, poles, wins and finished fourth from 20th the year before, in exactly the same car. I’d like to think that if I had another year back here it would be a stronger year.”

Chilton says that the new partnership with Ferrari can only be positive.

“I think it’s really good for the team. Ferrari have been around a seriously long time and they’ve got a lot of knowledge. That will help us. Also in the past when they do big rule changes it tends to stir it up, at least for the first four or five races or half a season. If we play our cards right and we get some good information from Ferrari you never know what will happen in Australia next year.”

1 Comment

Filed under F1 News, Grand Prix News

Marussia confirms Bianchi for 2014

Marussia has confirmed that Jules Bianchi will stay on for a futher season in 2014.

The news comes as no great surprise given that the team will use a Ferrari powertrain and gearbox package next year.

“Jules joined us at very short notice at the end of pre-season testing, with only two days of running under his belt,” said team boss John Booth. “He rose to the challenge of his debut season exceptionally well and since that time has clearly demonstrated his ability and potential. 2014 heralds a new era for the sport and continuity and consistency of line-up will be important in helping us to navigate the transition.

“We look forward to confirming our full race driver line-up later in the season. Until then we have an important job to do to ensure we retain our 10th place in the Constructors’ Championship and this is where our full focus will lie in the intervening period.”

“I couldn’t have wished for a more supportive environment in which to make my F1 debut and from the very beginning I have always felt completely at home with the team,” said Bianchi. “We started the season very well and while the challenge has increased as the season has developed, we have learned important lessons together that will place us in a much stronger position next year when there are a lot of changes for the sport and the Team to get used to.

“I am very excited to be part of the team as we all enter this new era of F1 and I look forward to achieving some rewarding performances together. I would also like to take this opportunity to thank the Ferrari Driver Academy for their continued support for my career.”

1 Comment

Filed under F1 News, Grand Prix News