Marussia in 'talks' after recording big loss

Nov.1 (GMM) Marussia is in "talks with potential investors" after recording a $79 million loss last year, the business journalist Christian Sylt reports.

Charles Pic, Marussia F1, Team, Andy Webb, CEO, Marussia F1 Team, John Booth, Team Principal, Marussia F1 Team, Graham Lowdon, Sporting Director, Marussia F1 Team and Timo Glock with the new Marussia F1 MR01
Charles Pic, Marussia F1, Team, Andy Webb, CEO, Marussia F1 Team, John Booth, Team Principal, Marussia F1 Team, Graham Lowdon, Sporting Director, Marussia F1 Team and Timo Glock with the new Marussia F1 MR01

Photo by: LAT Photographic

Writing in the Guardian, Sylt quoted the backmarker F1 team's chief executive Andy Webb as saying bosses are "in active discussions with potential new investors", and also seeking new sponsorship deals.

Webb added that some of the talks are "well advanced although not yet completed, so the outcome of each remains uncertain".

He said the team's costs had risen because of "significant investment in the team's personnel, infrastructure and factory".

Sylt estimated Marussia's value at about $72 million, and said the team owes $125 million in loans.

The team is however expected to reap millions in Concorde Agreement income, if it can maintain its lucrative tenth place in the 2012 constructors' points standings.

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About this article
Series Formula 1
Drivers Timo Glock , John Booth , Charles Pic
Article type Commentary
Tags andy webb, glock, marussia, pic
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