Manor Marussia F1 Team 2015

[Jonnycraig]

So no running for Manor during FP1 and FP2. Very bad news, I hope they can solve this problem and at least run tomorrow during FP3 and the qualy. Any official information about this????

Maurizio #Arrivabene on Manor F1: "we said 'guys we are open to help you but no money, no honey.'"

You'd think Ferrari would just a little more helpful given that the reason the lower teams have no money is that Ferrari get a chunk of the prize fund just for being Ferrari..

There is a limit to how helpful you can be when you are still owed for 2014 engines as well as the 2015 engines.

Ferrari are still a business at the end of the day.

[Alexgtt]

[/quote]

There is a limit to how helpful you can be when you are still owed for 2014 engines as well as the 2015 engines.

Ferrari are still a business at the end of the day.[/quote]

Absolutely, Ferrari cannot be expected to provide anything without payment from here on.

Having said that, I was interested to see the Ferrari boss nodding in some support to Lowdon in the team boss press conference. Maybe that was to influence Bernie to release 2014 money for them straight away. Can anyone tell me when payment for 2014 is due to the teams from FOM?

[RicME85]

End of the month

[Alexgtt]

They are trying to get Bernie to release some of it early. Probably Sauber pushing for that as well to pay off GVG.

[aniblanc]

question since I started australia 2015, not released, what are the names of the race engineers and roberto w.stevens merhi, someone knows ??

[SidSidney]

I got a copy of the administrators statement.

Firstly, all employees got paid back pay, up to date.

For the unsecured creditors the settlement was about 1p against 100.00p (literally a penny on the pound). Ovo or somebody only put up 500K to cover the "unsecured creditors". Let's see what happens next time they ask for credit...

Maurizio #Arrivabene on Manor F1: "we said 'guys we are open to help you but no money, no honey.'"

Yeah, I would say that too if someone just wiped out a 16M GBP debt they owed me...

The bank - and interesting Marussia Communications - debts are not unsecured: their outstanding 25.4M GBP (was 27M but they paid off 1.6M) debt are debentures, and roll over to the new entity.

So that leaves others like Ferrari holding the baby, especially Cheglakov. The 132M GBP invested by Cheglakov (shockingly in ordinary equity via Manor HoldCo) is wiped out to zero - not a surprise, that had to happen to make this possible, nobody was going to take on that debt under any circumstances.



We also learn just how bad things were on the sponsorship front, and how much Chilton's father was paying to keep Max in his seat:



Again I can't help but feel that the reason Cheglakov could not continue was somehow related to the sanctions against Russia that kicked in last year.

Interesting 1 of only 3 creditor who voted against the restructuring proposal (with HM Customs and Circuit Jerez) was McLaren, which I think indicates the state of their need for cash (although they said subsequently it was in error... and frankly even that statement indicates the state of confusion at McLaren these days):-




So in summary, for a short term 500K investment and assuming a debt of 25M, Ovo has got a Grand Prix team and I assume access to the prize monies from 2014. They will need more working capital, but I guess Ovo will channel that to the team as advertising spend.

[Jonnycraig]

Again I can't help but feel that the reason Cheglakov could not continue was somehow related to the sanctions against Russia that kicked in last year.

With the kindest will in the world, Marussia were a state sponsored team. They survived until the marquee Sochi event and then with sanctions tightening, were allowed to die, as was the 'Marussia car company' that despite never producing a car was able to fund an F1 race team.

[Jonnycraig]

Manor "had no intention of racing" in Australia

The Manor Formula One team will have to pay all its freight costs to the Australian Grand Prix, according to Bernie Ecclestone.

Manor, saved thanks to a last-minute deal, did not take part in testing and traveled to Australia without any prior running.

The team failed to run all weekend, although the FIA deemed it had done all in its hands to do so and decided no penalty was needed.

Ecclestone, however, thinks Manor should not have been allowed to enter the event if it knew it wasn't going to run.

"We should have never ever, ever allowed Manor to do what they've done. It's our fault. I predicted this would happen," Ecclestone told Reuters.

"They had no intention of racing in Australia. Zero.

"They couldn't have raced if someone had gone there with a machine gun and put it to their head.

"It was impossible. So they had no intention."

The Formula One supremo said Manor will now have to pay the freight rates of traveling to and from Australia for not having competed.

Usually, Formula One Management pays for the freight.
"They are not competing so they have to pay for that," he said

http://www.motorsport.com/f1/news/manor ... -australia

Unfortunately backs up what some of us worried about. Turn up, access the cash with no intention of running.

[bill shoe]

Manor must do more in Malaysia than Australia. They must get a car out of the pits under its own power. Maybe just make up a simple engine map with no boost and no gearchanges, and just have the driver limp around early in FP1 to show some kind of basic functionality.

Yea, I'm concerned too. It was fun to root for Mindardi because Minardi actually participated in the race weekends.

Malaysia scenarios for Manor--

• Worst case is Manor doesn't leave garage, and have to throw themselves on mercy of FIA again as far as whether they "participated" in the event. If FIA (understandably) says no, then their contract with FOM appears to be null and void.
  
  Next best scenario is they do some kind of token installation lap like I described. This guarantees their FOM contract is still in force, but if they don't qualify they may not get future financial credit for the weekend. Or something like that.
  
  Best case is they run and at least one car qualifies. Best situation for financials, obviously. Probably also gets them full-on Minardi status with the fans.

Overall situation is a tough reminder that a modern Formula 1 team is a system of people, not a collection of cars and contracts. You can buy the cars and rights at an asset sale, but you can't reassemble the same people in the same way.

If they do get running in Malaysia, I want to see the Software Engineers' names on the sidepods!

[nacho]

Maybe the software is to do with steering wheel controls and other stuff like that, the engine must be managed by Ferrari surely

[kptaylor]

Maybe the software is to do with steering wheel controls and other stuff like that, the engine must be managed by Ferrari surely

True, but how willing is Ferrari to help if their $15MM bill was reduced to pennies on the dollar? I'd assume they're wanting cash up front for help at this point.

[Thunder]

True, but how willing is Ferrari to help if their $15MM bill was reduced to pennies on the dollar? I'd assume they're wanting cash up front for help at this point.

I think Arrivabene even said so. "No money, no Honey" was the Phrase if i'm correct.

[cbbcisace]

Ferrari are chasing the money from the Russian Owner for last year, this year is a new contract with the new owners.

Manor will be ready for Friday FP1 for sure.

[turbof1]

Ferrari are chasing the money from the Russian Owner for last year, this year is a new contract with the new owners.

Yes, but Ferrari will certainly have changed its approach concerning giving credit ever since. They'll want to be paid more up front in order not to loose out if the new team too goes bust.

[kaepernickus]

Yes, but Ferrari will certainly have changed its approach concerning giving credit ever since. They'll want to be paid more up front in order not to loose out if the new team too goes bust.

Yeah that's what Arrivabene was referring to actually when he said "No money, no honey"