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Marussia buys stake in Virgin Racing
Source: Agencies |
November 12, 2010, Friday
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RUSSIAN sports car maker Marussia Motors has taken a significant stake in Virgin Racing and will become the team's title sponsor in 2011, the Formula One newcomers announced yesterday.
No financial or stakeholder details were given at the Abu Dhabi Grand Prix but Virgin Racing boss John Booth said the four-year sponsorship deal was substantial and had secured the team's future.
He said Virgin would remain a British team.
"It is a significant investment, not a takeover," he said. "The board structure stays pretty much the same and the management stays the same. And a takeover is not what they are looking for, they are looking to help the team grow.
"It makes us secure for four years, to 2014 which is when we go to Sochi," added Booth. Russia is due to host a grand prix for the first time at the Black Sea resort that will also host the Winter Olympics in the same year.
"It allows us to be a little more ambitious in our planning."
Room to grow
Virgin is one of three new teams this season and have yet to score a point in 18 races.
Marussia, founded in 2007 by racing driver Nikolay Fomenko, was already team partners this season. They launched their first Cosworth-powered supercar at the 2009 Frankfurt Motor Show and are now gearing up for full-scale production.
"While manufacturing, launching and marketing the Marussia B1, B2 and other concepts in Europe, we will have a Formula One team to promote these activities and demonstrate to the world that a new car manufacturer has arrived from Russia with truly international ambitions," Fomenko said.
Virgin Racing chief executive Graeme Lowdon said the announcement would allow the team, with one of the lowest budgets in the sport, to grow after speculation about its future.
"We've always considered it to be secure," he said. "But you wouldn't believe that if you were to read half of the stuff externally.
Billionaire team owner Richard Branson, who is due to attend Sunday's season-ending race at Yas Marina, said Virgin was delighted to have secured a partner "which shares our vision and spirit for challenging the establishment.
No financial or stakeholder details were given at the Abu Dhabi Grand Prix but Virgin Racing boss John Booth said the four-year sponsorship deal was substantial and had secured the team's future.
He said Virgin would remain a British team.
"It is a significant investment, not a takeover," he said. "The board structure stays pretty much the same and the management stays the same. And a takeover is not what they are looking for, they are looking to help the team grow.
"It makes us secure for four years, to 2014 which is when we go to Sochi," added Booth. Russia is due to host a grand prix for the first time at the Black Sea resort that will also host the Winter Olympics in the same year.
"It allows us to be a little more ambitious in our planning."
Room to grow
Virgin is one of three new teams this season and have yet to score a point in 18 races.
Marussia, founded in 2007 by racing driver Nikolay Fomenko, was already team partners this season. They launched their first Cosworth-powered supercar at the 2009 Frankfurt Motor Show and are now gearing up for full-scale production.
"While manufacturing, launching and marketing the Marussia B1, B2 and other concepts in Europe, we will have a Formula One team to promote these activities and demonstrate to the world that a new car manufacturer has arrived from Russia with truly international ambitions," Fomenko said.
Virgin Racing chief executive Graeme Lowdon said the announcement would allow the team, with one of the lowest budgets in the sport, to grow after speculation about its future.
"We've always considered it to be secure," he said. "But you wouldn't believe that if you were to read half of the stuff externally.
Billionaire team owner Richard Branson, who is due to attend Sunday's season-ending race at Yas Marina, said Virgin was delighted to have secured a partner "which shares our vision and spirit for challenging the establishment.
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