Marussia is looking for new investors

In November 2010, the Marussia brand entered the capital of the team then called Virgin. Two years later, the Russian manufacturer is searching for new investors because the team has just recorded a loss of 49 million pounds sterling.

The team is currently owned 70.6% by Marussia and 29.4% by Lloyds. The bank had provoked taxpayers’ anger in December 2009 when it invested ten million pounds in the Sheffield structure while it was 43% owned by the government, due to the significant losses incurred during the subprime mortgage crisis.

According to *The Guardian*, the leaders of Marussia are already in advanced discussions with potential new investors to cope with the increased costs recorded by the team. Andy Webb, the CEO of the team, stated: « The directors are in active discussions with potential new investors in the company and are also pursuing other revenue streams, including potential sponsors. These discussions are well-advanced, although not finalized, so their outcome is still uncertain. »

An ideal candidate to enter this category is naturally the insurance giant Aon. Indeed, its vice president is the father of Max Chilton, who became the third driver of the team in Japan. He will benefit from his first test session at the wheel of the Marussia during the first free practice session this weekend in Abu Dhabi. He is therefore a credible contender for Charles Pic’s seat for the next season. However, he told *Autosport* that nothing is set yet: “We are naturally talking about it. I am a race driver and I want to have a race seat. There are few seats available, but they are waiting to see what the other drivers do. I would love to have this opportunity. Hopefully, it will come soon. At the moment, we are focusing on one seat and hope it materializes. Nothing is set yet. It would be great for me to have a seat anywhere in order to work and improve.”

The permanent signing of Max Chilton would therefore result in a significant financial windfall, which could only be positive for the team. Indeed, the team’s costs have increased by 11% to reach 70 million pounds. This rise in expenses is linked to the change in strategy implemented by the management. Initially, they intended to make savings on development by focusing solely on computer calculations rather than costly wind tunnel research. However, due to the lack of competitiveness recorded with the cars designed in this way, Marussia decided to return to a more traditional design. It has also forged a partnership with McLaren, which also represents a significant investment.

This seems to translate into improved performance on the track: after two seasons finishing last in the Constructors’ World Championship, Timo Glock managed the feat of finishing twelfth in the Singapore Grand Prix. This is the best performance of the season among the three teams that have yet to score any points this season. That’s why Marussia now holds the valuable tenth place in the championship, which translates to ten million dollars in TV rights paid out by the FOM. It is therefore crucial for the team that they maintain this position over the last three races of the season… Otherwise, they would find themselves in an even more delicate financial situation, making the arrival of new sponsors even more vital, especially since nearly 61 million pounds of debt (out of a total of 77 million) are due at the end of this season.

With the participation of www.Racingbusiness.fr