Marussia in 'talks' after recording big loss

363 views

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.

Write a comment
Show comments
About this article
Series F1
Article type Commentary
Tags andy webb, glock, marussia, pic

User photos

akazoinho
F1

akazoinho

4 photos
Tim Holmes
F1

Tim Holmes

25 photos
EuroRacer
F1

EuroRacer

38 photos
Evan_DeCiren
F1

Evan_DeCiren

27 photos
jimmykwoods
F1

jimmykwoods

2 photos
nickmossdesign
F1

nickmossdesign

1 photos
EricDebris
F1

EricDebris

411 photos
hanmerdesign
F1

hanmerdesign

7 photos
Upload photo