Marussia gets closer to Melbourne
The negotiations with potential new investors seem to be progressing at Marussia. Its insolvency administrators therefore still hope to be on the grid in Melbourne.
A first step had been taken in the rescue of Marussia three weeks ago when the same administrators decided to cancel the auction of the team’s 2014 assets. This allowed for the possibility of a return to the grids since the new owners would have cars that at least complied with the 2014 regulations.
FRP Advisory, which has been appointed to try to rescue the team, has given a new sign that things are progressing by issuing a press release reporting on advances in this matter: Since the appointment of the administrators, negotiations have been taking place with a number of partners to secure a long-term solution for the team. We can confirm that negotiations are ongoing to find a viable solution for the company and the participation of a team in the 2015 season.
To this end, a cash inflow from new investors is expected to occur within the next two weeks, following an agreement with the creditors of the team: « It is envisaged that before the start of the first race of the 2015 season, an investment in the company will be made by the directors through a Company Voluntary Agreement (CVA), which is scheduled for February 19, 2015. A CVA is a restructuring process accepted by the company’s creditors, which allows for the relaunch of the company and the creation of a viable long-term solution for the team. »
We must not forget that Ferrari and McLaren are among the main creditors of the team since one supplied its engine and the other was a technical partner for many years. However, both teams have stated that they are not involved in the rescue process of Marussia.
According to Sky F1, one of the main investors could be Justin King, the former CEO of Sainsbury. A few months ago, he was presented as the successor to Bernie Ecclestone before the rumor quickly died down. Today, the rumor resurfaces as the businessman’s son has just been appointed at Racing Engineering, one of the main teams in GP2. Justin King could therefore be looking to secure an opportunity for his son’s career progression.
In any case, things seem to be moving forward, and it would only be fair for one of the most likeable teams in the paddock, made up of true motorsport enthusiasts.
With the participation of www.Racingbusiness.fr
