Motor racing-Marussia F1 team now independent from car company

LONDON, April 9 Wed Apr 9, 2014 2:50pm IST

Related Topics

LONDON, April 9 (Reuters) - The Marussia Formula One team is no longer owned by Marussia Motors and the closure of the Russian sportscar maker will have no effect on its operations, the British-based outfit said on Wednesday.

The RIA Novosti news agency reported that Marussia Motors, who took a majority stake in what was the Virgin Racing team in late 2010, had shut down with staff leaving to join a government-run technical institute.

"The news is unfortunate for those concerned and we wish its employees well for the future," said a spokeswoman for the team. "The supercar project was ambitious but it is disappointing that it was unable to get to market."

The Ferrari-powered team was now controlled by Marussia Communications Ltd, she added, but gave no further details.

Marussia Motors had presented prototypes of two supercars it intended to produce but plans for production stalled before they hit the showrooms.

"There is no impact whatsoever on the Formula One team's operation," the spokeswoman said. "There is no link between the two companies financially or technically. The F1 team has been an independent operation for some time.

"The F1 team has had a positive start to the 2014 season and looks forward to continued success in the pursuit of its racing ambitions."

Russian-licensed Marussia have yet to score a point in more than four seasons. They are currently 10th of the 11 teams.

Britain's Max Chilton and France's Jules Bianchi are their drivers this season, with Chilton finishing 13th in Bahrain at the weekend. (Reporting by Alan Baldwin; Editing by John O'Brien)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Reuters Showcase

RK Laxman Dead

RK Laxman Dead

'Common Man' cartoonist RK Laxman dead at 93  Full Article 

Nuclear Group

Nuclear Group

China urges India to take steps to satisfy standards of NSG  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Facebook Outage

Facebook Outage

Hacker group claims it is behind outages at Facebook, other sites  Full Article 

U.S. Blizzard

U.S. Blizzard

`Life-threatening' blizzard shuts down much of U.S. Northeast  Full Article 

Australian Open

Australian Open

Berdych ends Nadal tyranny on day of shocks  Full Article 

Fashionable Modi

Fashionable Modi

When Modi met Obama, his name was all over - his suit  Full Article 

Photo

Auschwitz Anniversary

Last survivors recall Auschwitz, ask if lessons learned  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage