Formula 1
Formula 1
24 Oct
-
27 Oct
Event finished
01 Nov
-
03 Nov
Event finished
14 Nov
-
17 Nov
Event finished
28 Nov
-
01 Dec
Event finished
R
Australian GP
12 Mar
-
15 Mar
Next event in
89 days
19 Mar
-
22 Mar
Next event in
96 days
R
Vietnamese GP
02 Apr
-
05 Apr
Next event in
110 days
16 Apr
-
19 Apr
Next event in
124 days
30 Apr
-
03 May
Next event in
138 days
07 May
-
10 May
Next event in
145 days
21 May
-
24 May
Next event in
159 days
R
Azerbaijan GP
04 Jun
-
07 Jun
Next event in
173 days
11 Jun
-
14 Jun
Next event in
180 days
25 Jun
-
28 Jun
Next event in
194 days
02 Jul
-
05 Jul
Next event in
201 days
16 Jul
-
19 Jul
Next event in
215 days
R
Hungarian GP
30 Jul
-
02 Aug
Next event in
229 days
27 Aug
-
30 Aug
Next event in
257 days
03 Sep
-
06 Sep
Next event in
264 days
R
Singapore GP
17 Sep
-
20 Sep
Next event in
278 days
24 Sep
-
27 Sep
Next event in
285 days
08 Oct
-
11 Oct
Next event in
299 days
R
United States GP
22 Oct
-
25 Oct
Next event in
313 days
29 Oct
-
01 Nov
Next event in
320 days
R
Brazilian GP
12 Nov
-
15 Nov
Next event in
334 days
R
Abu Dhabi GP
26 Nov
-
29 Nov
Next event in
348 days
Motorsport Blog
Topic

Motorsport Blog

Administrators confirm no Marussia F1 team in Austin - new buyer in the wings?

shares
comments
Administrators confirm no Marussia F1 team in Austin - new buyer in the wings?
Oct 27, 2014, 11:57 AM

The administrators appointed to the Marussia F1 team have issued a statement this morning confirming that the team will not take part in the US Gra...

The administrators appointed to the Marussia F1 team have issued a statement this morning confirming that the team will not take part in the US Grand Prix next weekend.

It adds that the team is still operating and the administrators are assessing the company's long term viability, while no staff have been let go at this point and salaries have been paid to the end of the month.

This latest unwelcome development for F1 follows the collapse of Marussia's back of the grid rivals Caterham, which also went into administration this month.

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

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 Company will continue to operate while the joint administrators assess the longer term viability of the Company in its present form.

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.”

According to a report in the Daily Telegraph there is at least one interested party, which is negotiating with Marussia at the moment, but the two sides are some way out in valuation. The Telegraph reports that Baljinder Sohi and Sonny Kaushal have been in discussions with Marussia's CEO Andy Webb for three weeks. It is not clear at this stage what impact the administration will have on this process and the valuation.

“We are very close to a deal,” Sohi told the Telegraph. “But it has to be the right price. We have put in a serious offer and we will see what happens.”

Andrey Cheglakov, Bernie Ecclestone

Marussia has been bankrolled to this point by Russian Andrei Cheglakov, but it seems he lost enthusiasm for continuing to write cheques.

Any new owners will have to take on Marussia's debts, including to Ferrari for the supply of power units. But there is a significant prize fund due to the team if it can retain its 9th place in the Constructors' championship, which came from Jules Bianchi's points scoring run in Monaco in May. This makes the team potentially more attractive to investors. But it's a moving target: imagine if Sauber scores points this weekend in Austin, or more likely at Interlagos, where anything can happen..

The team is also still reeling from Bianchi's horrific accident in Japan earlier this month. He remains in a critical but stable condition in hospital.
Next article
Now Marussia enters administration

Previous article

Now Marussia enters administration

Next article

With the Constructors' Championship already secured, Mercedes prepares for the US GP

With the Constructors' Championship already secured, Mercedes prepares for the US GP
Load comments

About this article

Series Formula 1