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Featured Marussia to exit administration, 2015 campaign still possible

Discussion in 'Formula 1' started by Jordan Adcock, Feb 4, 2015.

  1. Marussia F1 Team.jpg
    Marussia’s administrators have confirmed that the collapsed F1 team will be taken out of administration on February 19th, setting up the possibility of returning to racing in 2015.

    Morgan Rossiter said in a statement that it had agreed a Company Voluntary Arrangement (CVA) with the team’s creditors in order to ensure they received fixed amounts on the debt they’re owed, explaining that “A CVA is a restructuring process… which allows for a turnaround of the business and the creation of a longer term viable solution for the team.” It added that it expects “investment into the business will be made upon the Company” before the first race of the season in Australia.

    The team’s president Graeme Lowdon has been busy over the winter gaining that investment for the season despite not having raced since the Russian Grand Prix in October, with the added incentive of the team’s £30 million prize money for finishing ninth in the Constructor’s Championship in 2014. The Banbury-based team is on the 2015 entry list as Manor Grand Prix Limited, no longer named after the Russian sportscar brand which itself went bust in April 2014, and did manage to at least postpone an auction of their remaining assets.

    The question now is whether they can run their 2014 car, and who would drive them. It’s obviously too late to prepare any planned 2015 car at this point, so they would require every other team’s permission to run a car outside of this year’s regulations. The F1 Commission, the sport’s strategy group, meets on Thursday and it’s likely that Marussia’s 2015 plans will be brought up. Sky Sports News HQ’s Craig Slater said he believes there will be no objection to the idea: “I understand that this deal has finally been agreed because Marussia have been allowed to keep their prize money from the 2014 season, which has effectively halved their debts.”

    But as with anything still involving so much debt (originally estimated at £31 million), we'll have to wait and see whether the team makes it to Australia or not. Let’s not forget that the team's been here before: in November Marussia crew members were on their way to the airport, to fly to Abu Dhabi and race, when the key investor pulled out.
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  2. Nox

    Staff Premium

    Wouldn't another year in F1 just double their debts again? I'd like to see them return, but only if they can achieve financial sustainability.
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  3. Ricoow

    RedShift Racing RDLMS #6 / RDRC #163 Premium

    I don't think driving with an older '14 car is really helpfull. They need money, and they need to put in some results to earn that needed money, it would only add to their debts as @Nox mentioned
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  4. Lazarou


    As much as I don't want people losing their jobs, running around the back of the field in a old car miles of the pace does not seem a worthwhile investment or a particularly worthwhile venture. I believe they still owe Ferrari for the engine lease so what engine will they use, a rubber band?

    Bernie and the big teams have made F1 participation not worthwhile unless you have lots and lots of cash and or a engine/car manufacturer behind you. As Nox says they will be back to bust in no time.
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  5. Yuri

    Yuri 'I get custom nicknames' Kasdorp Premium

    With no caterham, and Force India just finishing races might get them a point somewhere during the season, not to mension that a top 10 finish in the constructors will give them price money which could overcome the costs of the team.
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  6. Nox

    Staff Premium

    Good points, true, but considering they picked up points last season and couldn't survive until the end of the year to collect the prize money, it is still risky (and the prize money still leaves them in debt). Don't get me wrong, if they manage to pull it off good for them, and I'd love to see it happen, but I think the chances are slim. If this wasn't F1 (and some would say even though it is) people would think a businessman mad for going into something with such a huge risk and so much debt. (Edit: Also, while the prize money would help, I assume the cost to run another year would take up some of that)
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  7. Yuri

    Yuri 'I get custom nicknames' Kasdorp Premium

    That's true, I think if they would participate that is the reason for it, if it's smart only time will tell
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  8. It's not like the good old days, when some loon woke up in the morning and decided
    to join in F1, building his own car and picking as drivers his cousins. It's a lot harder
    and with the great demands in technological development before and throughout the
    season money is now a big issue. So I believe it's better off not having cars in the race that
    are lapped 4 times.
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  9. I agree Darth. There is still the matter of even qualifying is you consider the (10%) rule. (It is 10% isn't it)? With an older car, there no guarantee that they will even qualify successfully for races to even try and score points and thus make the money. The FIA would have to enforce the rule with Marussia or risk having to allow every team to be exempt from it. I love F1 (more for what it used to be), but if it were me, I think I would pull out and maybe see if there were another series the was worth the blood, sweat, tears, and finances. There is still a lot of other racing out there. :)
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  10. Isn't it 107%?
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  11. Well there goes the chance of 20 cars thanks to Force India
    As you guys all rightly said though, Manor didn't really have a chance of even competing this year but they do have a chance for 2016
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  12. Aidan Keranen

    Aidan Keranen
    Play by Play LoL+RL Caster at AussieGamingTV Premium

    I can't help but criticize Force India over that. Not had much of a problem with them, but now somewhat hoping they will be back of the grid.
    Here is hoping that Manor/Marussia/whatever they are, can get back in at some stage.
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  13. Apparently four teams voted against it so it wasn't just Force India.
    The vate had to have been unanimous.
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  14. The thing is, Marussia would be a laughing stock, miles off the pace and relying on people breaking down to have any chance of points.

    The ultimate problem though is the rules; until the higher-ups do something to allow little teams to compete (serious things, like putting the designs back in the hands of engineers rather than computers, perhaps by restricting overall computing resources (a limit on the number of flops, for example)) then this is going to stay a sport for the serious teams with no place for the little teams.

    It would be nice to have 20 cars on the grid, but only if those 20 cars are seriously able to compete. Marussia, i strongly suspect, would not!
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  15. We could introduce 2 splits (like LMP/GT) to compete in the same race :p
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  16. Force India say bid "lacked substance"... Force India lack a 2015 car.
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  17. Yes, you are right! I could not think of the number but that's it now that I read it. Thank you!
  18. I would agree but can you hear Hamilton at the end of every race crying about being block by the slower cars? Every race? [​IMG]:rolleyes:
  19. Ole Marius Myrvold

    Ole Marius Myrvold
    JWB 96-13 Staff

    But still a place for engineers to try to showcase ideas, for drivers to show what skills they have, it's not like Virgin/Virgin-Marussia/Marussia had very bad drivers over the years either. Glock, Di Grassi, Pic, Bianchi... d'Ambrosio... Chilton... well, ok, it was not all race winning material, but no Lavaggi, Deletraz or Ide...
    Often the smaller teams come up with great ideas as well. The 95-Minardi and the Super Aguri Double Diffuser are good examples.

    We need those teams.
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  20. I totally agree, and I think everyone else would too, but the biggest concern is the financial ruin those guys would undergo if they didn't score points, or even better, get on the podium. I would love to see smaller teams able to compete at that level but I don't want to see them homeless while trying to do it.
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