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Marussia in £49m loss, seek new investors

Marussia in 'active discussions with potential new investors'

The Marussia F1 team made a loss of £49 million last year and it is now said to be looking for new investors to stay afloat and 'keep its wheels turning', it is being reported.

“We are in active discussions with potential new investors in the business and also pursuing other sources of income including potential sponsorship,” Andy Webb, the team's chief executive confirmed to British newspaper, The Guardian.

He also noted that some of these discussions “were well advanced” although “not yet completed, so the outcome of each remains uncertain”.

New investment may be vital as well, given the teams costs rose by 11 per cent to £70 million in 2012. The increase has been attributed to the 'significant investment in the team's personnel, infrastructure and factory'.

Currently the Marussia F1 team is valued at about £45 million, a quarter of that of Williams F1, the only other listed F1 team.

On track, however, things are going in the right direction and at the moment Marussia is tenth in the Constructors' Championship and ahead of both Caterham and HRT following Timo Glock's twelfth place finish in Singapore.

This would, the 'paper adds, give Marussia around a four-fold increase on the $10 million received from Formula One Management (FOM) in 2011 after finishing twelfth.

Meanwhile, looking to this weekend's race in Abu Dhabi, team principal, John Booth noted that the priority is to ensure they maintain that crucial tenth spot in the championship.

“Abu Dhabi is a race we all enjoy, so despite it being another tough back-to-back for the team, we arrived here full of enthusiasm after a very positive race in India,” Booth stated in the teams pre-event press release. “Our first priority will be to ensure a better start to the weekend than we experienced at New Delhi; it all came good on race day for Charles [Pic] but we need to do a better job on Friday and in qualifying to put us in the best possible position on Sunday.

“We will welcome Max Chilton to the car for FP1 on Friday and we will be interested to see how he performs at a track he knows well. Thereafter, Charles will be back in the car and helping us towards our overall objective, which is now a familiar story - competing with Caterham and maintaining our current advantage over them in the Constructors' Championship.”

“I will take over the car from FP2 for the rest of the weekend and I will be very focused on picking up from a great race for me in India. If we can perform at least as well as we did there on race day, I will be happy, but the wider objective continues to be to catch up to Caterham, which is now within our sights,” Pic added.



Related Pictures

Click on relevant pic to enlarge
27.10.2012- Free Practice 3, Timo Glock (GER) Marussia F1 Team MR01
26.10.2012- Free Practice 1, Charles Pic (FRA) Marussia F1 Team MR01
26.10.2012- Free Practice 2, Charles Pic (FRA) Marussia F1 Team MR01
26.10.2012- Free Practice 1, Timo Glock (GER) Marussia F1 Team MR01
13.10.2012- Free Practice 3, Charles Pic (FRA) Marussia F1 Team MR01
Marussia F1 Team
12.05.2012- Free Practice 3, Marussia F1 Team MR01

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bringBACKthe990s

November 03, 2012 12:07 AM

It doesnt matter if the team is losing money. Owning a F1 team gets a owner and his partners a seat in a very exclusive club. The business that is done at the parties and within the paddock is more important to these billionaires than the racing is.

Mr Know it All - Unregistered

November 01, 2012 10:36 PM

Sadly they are relatively useless in the grand scheme of F1 and the Russian boss has obviously tired of pouring money in to waste yet more. As F1 has seen before . find another Oligarch or some oil cash as otherwise why would anyone want them ?? F1 is about teams with a big budget to waste and it looks sadly like Marussia's cash has dried up. And who will remember them in 5 years ? Step down another philanthropist who wants to blow a load of cash to entertain some TV viewers.



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