F1: Marussia lost $45,000 in failed appearance at final 2014 Grand Prix

Business journalist Christian Sylt revealed in an article published by Forbes that Marussia Formula 1 team lost quite a bit of money in a failed attempt to participate in the final race of 2014 in Abu Dhabi.

Sylt based his article on recently released company financial documents.

Late last year, Marussia F1 Team - operated by Manor Grand Prix Racing (MGPR) - ceased trading and missed the United States and Brazilian Grands Prix.

The small team however intended to compete in the final race of the season in hopes to race in 2015.

The team, cars and equipment were reportedly on their way to the UK airport for the flight to Abu Dhabi when it was forced to turn back.

Official documents from Marussia's administrators FRP Advisory, dated December 18th, reveal that, in fact, the brakes were put on the team's revival when a key investor withdrew support.

“On Tuesday 18 November 2014, I received a commitment by a prospective investor to inject sufficient cash into MGPR to enable the team to race in Abu Dhabi,” says Geoff Rowley, one of the joint administrators at FRP.

“To enable this to happen, the race team had to be reformed and arrangements made to travel to the race. A significant amount of work was carried out over a 24-hour period by both MGPR's staff and the joint administrators. However, ultimately the prospective investors were not able to provide sufficient funds. The prospective investor agreed to pay the costs of the staff (and ancillary costs) in this period, although at the date of this report, these total £29,443 [$45,129] and remain unpaid.”

Last week British newspaper the Daily Telegraph revealed that Marussia owes $48.1 million to more than 200 unsecured trade creditors.


No tags for this post.