Marussia F1 Team 2014

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Richard
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Re: Marussia F1 Team 2014

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He's brought forward prize money payouts in the past, most notably with Brawn GP. I also recall rumours of other teams getting an advance to smooth cash flow.
turbof1 wrote: the seller always has a choice. Just because he's in trouble does not mean he needs to sell below the market price.
The market price is currently the liquidation value minus debts. That sum is probably negative, so that means the seller won't get a penny.

The buyer can go for something similar to a pre-pack administration or a pheonix company. That means the sale to the buyer is agreed before commencing liquidation and selling a debt free company to the buyer. We'll hear talk of a Creditors Voluntary Agreement. It'll stop short of bankruptcy because I recall Bernie has said in the past that bankruptcy means the licence is surrendered back to the FIA.

BanMeToo
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Re: Marussia F1 Team 2014

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Sky posted a small article from Ted's Notebook
Ted Kravitz wrote:“The positive news is that we are hearing they are targeting a return if they can sort out what they are calling their business problems – they fact is they are in administration – and get some investors on board,” revealed Sky F1's Ted Kravitz during his race notebook in Austin. "They are targeting coming back not only next year, but this year as well.

“I understand they have lodged an entry under Manor Grand Prix Limited for the 2015 World Championship and that they are targeting being in Abu Dhabi if they can get some solid investment in place. Bernie Ecclestone has said that they can come to Abu Dhabi so they are targeting that and it is thought Alexander Rossi will be the second driver alongside Max Chilton.

“I think theoretically they could have made it to Brazil if the money got in on time, but of course they can’t get the freight there in time. Bernie Ecclestone is supporting the effort for the team formally known as Marussia.

“If we see them in Abu Dhabi who knows, but everything is ready to go, the freight is ready to go, the people are ready to go, the passes are ready, the flights are booked and paid for already.”
Interesting because they are still ahead of Sauber in the WCC after Austin. In theory they could still beat them and collect that prize money for next year. And not be the slowest team on the grid in 2015? That's quite a long shot but it would be great to see.

Alexgtt
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Re: Marussia F1 Team 2014

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I hope this works out. They are a much more viable proposition than what's left of Caterham going forward. That prize money and some talk of funding reform in F1 might just help them. Much respect if they turn up in AD. =D>

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adrianjordan
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Re: Marussia F1 Team 2014

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Am I being naive here or is it possible that Bernie might even be playing a part in helping them find investors after seeing the negative press around the 2 teams going in to administration?
Since I've ordered an electric car, does that mean I should start watching Formula E?

Jonnycraig
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Re: Marussia F1 Team 2014

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Officially gone. Staff made redundant.

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mikeerfol
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Re: Marussia F1 Team 2014

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Sad news...

ScottB
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Re: Marussia F1 Team 2014

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BBC seems to think that the 'Manor GP' entry is a separate entity established by the team.

Perhaps they are planning to try and hoover up the assets in liquidation and start again debt free...

SidSidney
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Re: Marussia F1 Team 2014

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Sad for John Booth, I hope he had the GP company separated from the old Manor Motorsport entity otherwise he has lost the lot. Actually just checking - he had the old Manor Motorsport Ltd as a separate company, Manor Grand Prix Ltd is the one that has gone busto.

And not really surprising when you look at the balance sheet:-

Image

Eek. 134M GBP - over $200M in debt, with interest rates noted elsewhere in the accts at "between 7% and 20%":

Image

You can see the interest payment on the P&L - 12.3M GBP - $20M a year! Holy batman. Now he knows how Japan feels:-

Image

And with revenues of just 28M GBP at the top of that statement, most of that from Max Chilton's dad Grahame Chilton and probably some Ferrari money via Nic Todt via Jules Bianchi, given they scored nul points in 2012. So the loss of Jules as a driver had to hurt them financially.

I wonder if the recent Russian sanctions over Ukraine have also hurt the ability of the ultimate holding co. Sasha Trust, to transfer funds?

Image

The Sasha is presumably Sasha Cheglakov, wife of Andrei Cheglakov, the Marussia backer, who is at the top of OSJC Rostelekom. Maybe he can't get money out of his Moscow bank, or the subsequent rouble crash has hurt him? Bit of a coincidence it all started to go pear shaped just as the West ramped up the sanctions on Moscow...

Just an afterthought: nobody sane will buy that out of bankruptcy with those debts (which is 2012 by the way - probably much, much worse by now). The tangible assets are the tables and chairs and equipment, nothing else has any value at all, there isn't even a brand. Cheaper to go to the liquidation auction and buy the equipment piecemeal than rescue that mess.
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stefan_
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Re: Marussia F1 Team 2014

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Jonnycraig wrote:Officially gone. Staff made redundant.
Well... f**k. :|
"...and there, very much in flames, is Jacques Laffite's Ligier. That's obviously a turbo blaze, and of course, Laffite will be able to see that conflagration in his mirrors... he is coolly parking the car somewhere safe." Murray Walker, San Marino 1985

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FW17
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Re: Marussia F1 Team 2014

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The assets of the team, including its two race cars, will likely be sold off to the highest bidder at auction. Its 2015 car design will also likely be sold off.


Does it mean FIA entry is not valid anymore or that can also be auctioned?

Just_a_fan
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Re: Marussia F1 Team 2014

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200 people now facing a bleak Christmas...hopefully the workforce can find alternative employment quickly.
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Juzh
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Re: Marussia F1 Team 2014

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Forgive me for maybe being arrogant on this subject, but It's getting quite tiring listening to the same "poor old families" line for months now. Guess what, stuff happens in life and sometimes that includes a job change from time to time. I myself have done it couple of times by now and I'm not that old at all, but that's what life required at the time. I didn't bitch and moan for half a year about it and just got on with it. One would assume most of marrusia staff is adequately qualified to say the least and would not have a too difficult time finding a new employer. If not in F1 industry, then surely somewhere else. We're talking ~200 people here which is nothing compared to much much bigger companies firing workforce in bulk of 5000+ at once.

My opinion anyway. Feel free to disagree.

Raleigh
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Re: Marussia F1 Team 2014

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WilliamsF1 wrote:Does it mean FIA entry is not valid anymore or that can also be auctioned?
The entry itself cannot be brought or sold, only the company that holds it.

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Shrieker
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Re: Marussia F1 Team 2014

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The past month has been utterly tragic for this team...
Education is that which allows a nation free, independent, reputable life, and function as a high society; or it condemns it to captivity and poverty.
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Cuky
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Re: Marussia F1 Team 2014

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