Marussia sold? Will race in 2015 (10th Update)
Further, because the Strategy Group is composed of bigger teams and Formula One Management, the likelihood is that cost-saving type measures that would help the cash-strapped teams such as Marussia and Caterham are likely to be ignored. Keep in mind, both Bernie Ecclestone and the larger teams have been very adamant about their disdain for any sort of cost cap.
As for Marussia, they may ultimately make it to the grid in Melbourne. But you can rest assured, it won't be because of any assistance from the F1 Strategy Group.
AR1 Staff Report
02/05/15
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| Former Sainsbury's boss Justin King |
(GMM) Rumors are now swirling around the future of the ailing backmarker formerly called Marussia.
It emerged on Wednesday that the John Booth-founded 'Manor' outfit is planning to exit administration later this month ahead of an effort to return for the 2015 season.
According to speculation, however, the first obstacle may be met as early as Thursday, despite reports a consortium headed by former Sainsbury's boss Justin King is powering the revival effort.
On Thursday, the sport's powerful strategy group will meet in Paris, and it is there that Manor may fail to secure unanimous support to allow it to run the old Ferrari-powered 2014 car this season.
"I cannot imagine that we would agree," Red Bull's Dr Helmut Marko confirmed to the German-language f1-insider.com.
And others, like the similarly-struggling Force India and Sauber, may also object on the basis that they might otherwise hope to benefit from millions in official prize-money earmarked for Manor's ninth placed finish last year.
Manor, however, is hopeful. Reporting from Jerez, veteran Blick correspondent Roger Benoit said he has heard that former Marussia employees have been summoned to Dinnington.
It's there, at the company's F3 headquarters, where the reborn Manor outfit would need to be based, after the Banbury facility was sold to 2016 entrant Haas.
Whether Manor has enough staff to prepare a return bid for Melbourne, however, is unclear.
A Williams insider said: "We have taken on many Caterham and Marussia people."
Another issue will be drivers. The Ferrari-backed Jules Bianchi remains seriously injured, while Max Chilton has headed Stateside to begin a quest for an Indycar seat.
Writing for the Telegraph, correspondent Daniel Johnson claims Chilton's management was late in making his latest $12 million payment to Manor, "which soured the relationship".
The latest rumor is that Kevin Magnussen could be a frontrunner for 2015, with McLaren to possibly step up its relationship so that Manor becomes a Honda 'B-team'.
McLaren sources immediately denied those claims, and Johnson in fact claimed arch-rival Ferrari is in fact "central" to Manor's new hopes, probably in a bid to recover millions in unpaid engine debts.
02/04/15 Former Sainsbury CEO Justin King "is leading a consortium trying to save the bankrupt Marussia team with a multi-million pound investment that could put them back on the grid this season," according to Kevin Eason of the LONDON TIMES.
King, whose son Jordan "is expected to take his place on the grid for GP2," the F1 feeder series, this season, "emerged as the name behind a consortium negotiating with administrators."
The ex-CEO of J Sainsbury, one of Britain’s biggest supermarket chains, "was at one time named as a potential successor" to F1 CEO Bernie Ecclestone. Now, according to reports, "he is anxious to find a way into the sport as a team owner."
Negotiations "are still going on and loose ends have to be tied up," including restructuring repayment of £31M ($47M) worth of debt. London Times
SKY NEWS' Mark Kleinman reported talks about the deal "are ongoing," and it is possible that King’s bid "could falter," a source cautioned. F1 insiders confirmed, however, that "he was playing a leading role in efforts to inject new money into Marussia, which would be likely to be renamed Manor Grand Prix ahead of the 2015 F1 season."
The identity of the other financial investors with whom King is working "was unclear on Wednesday," but he is understood "to have joined forces" with Marussia CEO Graeme Lowden and Team Principal John Booth.
A source said, "These are serious, heavyweight individuals. Their plan is to revive a high-quality British racing ethic and brand-name" SKY NEWS
02/04/15 (GMM) As first rumored by AR1.com weeks ago, there were signs of life on Wednesday from the team formerly known as Marussia.
Despite beating both Caterham and Sauber to ninth place in the championship, the backmarker missed the last races of the season and was placed in administration.
Now called Manor, which is the operating company founded by John Booth, the team has also been absent from testing this week as the 2015 pre-season began at Jerez.
But a planned auction of equipment was recently cancelled, and on Wednesday, the team's administrators issued a statement that indicated Manor could be set to get back up and running.
"We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season," said joint administrator Geoff Rowley.
He revealed that plans to see Manor "exiting from administration" on 19 February is envisaged "prior to the commencement of the first race of the 2015 season".
"Given the confidential nature of the negotiations underway we are unable to provide further details," said Rowley.
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| Gene Haas not the secret buyer |
01/22/15 (GMM) The new 2016 team Haas has denied rumors it is the mystery investor looking into rescuing Marussia.
American Gene Haas, also the owner of a Nascar team, has acquired the ailing backmarker's Banbury factory and some of its assets ahead of its own grand prix debut next season.
But with reports in the past days suggesting Marussia is also close to being rescued ahead of the 2015 season, rumors hinted it might also be Haas, who could get up and running this year with the outfit's old car.
Sky, however, quoted Haas as insisting it has "no interest in purchasing Marussia or any other team".
Bernie Ecclestone also quashed the Haas buyout talks, the British broadcaster added.
But the F1 supremo did sound optimistic about Marussia's chances of surviving, revealing: "I had a meeting with someone this morning that said they want to, and think they can buy Marussia, so that would be good.
"Caterham, I don't think there is much chance of saving them, but Marussia there is a chance," Ecclestone added.
01/21/15 (GMM) Is Gene Haas the mysterious investor looking into rescuing Marussia?
The Nascar team co-owner, who is entering formula one in 2016, is already linked with the ailing backmarker as he has bought team equipment from administrators looking to raise money to pay back Marussia's creditors.
Rumors also suggest he has acquired Marussia's Banbury headquarters to complement Haas' main factory in North Carolina.
And now, Speed Week reports rumors that Haas, 62, could be the mysterious investor who is looking into rescuing Marussia prior to the start of the 2015 season.
The team's administrators confirmed on Monday that a planned auction on Wednesday of Marussia assets, including the 2014 cars and crucial race-day equipment, was postponed.
The administrators said the postponement will "allow for discussions to continue with a third party".
"Given the confidential nature of the negotiations underway," FRP Advisory added, "we are unable to provide further details."
But according to Speed Week, Haas snapping up Marussia would have multiple benefits.
It would secure him an instant supply of experienced staff eager to remain in F1.
He could quite easily rescue Marussia's 2014 cars from their crates in Abu Dhabi and deploy them to Melbourne, and gain vital experience throughout 2015 out of the spotlight at the back of the grid.
And more good news for Haas would be that, despite Marussia's debts, the team is set to rake in over $50 million in official prize-money if it makes the Melbourne grid in little over a month.
Finally, Speed Week reports rumors Haas may also have acquired the intellectual rights to the advanced design of the fully 2015-specification Marussia car.
Ferrari, meanwhile, might also be keen to facilitate the deal, given its existing relationship to Marussia, the fact it is owed a considerable amount money, and its sweeping support deal and sponsorship already in place with Haas.
Marussia boss John Booth has said negotiations with the unnamed investor are "fairly advanced".
01/19/15
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| The 2014 Marussia challenged |
[Editor's Note: This ESPN F1 article outlining what AR1 first rumored over the weekend. Marussia is likely to be sold (we hear this is already done) and will be on the grid for the 2015 opener at Melbourne.]
Marussia is closing in on a rescue package which will enable it to return in time for the first race of the 2015 season.
The team went into administration last October and missed the last three races of the season but can still return this year as Manor Grand Prix still holds its entry for 2015. An auction of old assets took place in December but another scheduled for Wednesday – which involved parts essential for the team's comeback – has now been postponed as the rescue deal is worked on.
Team boss John Booth told the BBC: "Postponing the auction gives us a bit more time to explore it," adding that confidence is "pretty high" that a deal can be completed.
Marussia collapsed with £31 million debt, with a huge £16.6 million owed to engine supplier Ferrari. Marussia and Caterham, which also went into administration last year, have already been given permission to use their 2014 cars this season if necessary.
Over the weekend former sporting director Graeme Lowdon told Sky Sports: "Technically it's possible. Manor has been in motor racing for a long time. It's a very precious team and means a lot to a lot of people and a lot of fans as well. We're working very, very hard – it' not easy – it's still certainly possible for the team to get there and I think it would be good news for Formula One and it would be good for our fans. It's a very precious and special thing when you are involved in the team so it's not something you want to let go very easily."
A deal will need to be completed in the next few weeks if the team is to race in Melbourne on March 16.
01/19/15
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| Team president Graeme Lowdon |
(GMM) Marussia and its administrators has confirmed an auction of team equipment has been postponed due to rescue talks with a potential investor (but AR1.com rumored 2 days ago that the deal is really already done).
Earlier on Monday, it emerged that the sale of 2014 cars, components and race-day equipment scheduled for Wednesday was called off by the team's administrators.
The BBC has quoted the administrator as confirming the auction was delayed "to allow for discussions to continue with a third party".
Boss John Booth, who founded the F3 outfit Manor in 1990, explained that the talks are at a "fairly advanced stage" with a "credible investor".
"Postponing the auction gives us a bit more time to explore it," he added.
Booth also explained that, like Caterham if it is similarly rescued, Manor would have to use its 2014 cars – currently packed in crates in Abu Dhabi – in Melbourne in a few weeks' time.
01/19/15 Following true to form on the exclusive AR1.com 'inside' rumor that the Marussia team has been sold and will race in 2015, the auction of the Marussia F1 team's infrastructure has been halted at the eleventh hour, now that a last minute deal has been done to save the team.
There was an auction in December, at which it is believed Haas F1 bought Marussia's Banbury HQ, the really important stuff was due to go on sale on Wednesday.
However, a brief comment on GA European Valuations website today says that the online auction has been cancelled, though no reason is given. Of course AR1.com readers know why.
Another report – (GMM) An auction of crucial team equipment has been postponed, as Marussia clings to survival less than a month before the 2015 season.
Team president Graeme Lowdon had warned at the weekend that if the latest auction – featuring 2014 cars, components and race-day equipment – goes ahead on Wednesday, "it would be difficult" for Marussia to bounce back from.
It is not known why the auction, organized by Marussia's joint administrators, has been postponed, but Britain's Sky said sources are reporting "serious discussions" with a new group of potential investors.
But although the Banbury factory is believed to have been sold to Gene Haas, and key staff have defected to rival teams, Lowdon is not giving up hope.
"Technically it's possible," he said, referring to the survival of Marussia, who are listed on the 2015 entry list as Manor.
"Manor have been in motor racing for a long time. We're working very, very hard – it's not easy – (but) it's still certainly possible for the team to get there and I think it would be good news for formula one and it would be good for our fans," added Lowdon.
01/17/15 [Editor's Note: This rumor was updated with the story below, but that information we believe to be old based on our sources and the rescue deal is indeed happening] Well connected AR1.com sources have learned that the Marussia F1 team has been sold and the new owners will have the team on the grid for the first race of the year – the Australia GP in Melbourne.
Stay tuned to AR1.com for all the latest inside rumors in motorsports.
01/17/15 (GMM) The eleventh hour is fast approaching for Marussia.
Now called Manor, the name of the operating company, the backmarker team is in administration and fast shedding its assets to pay millions in creditors' bills.
The Banbury factory, for one, is believed to have been sold to 2016 entrant Gene Haas, and key staff have defected to rival teams.
It is believed Haas was also among the buyers of team equipment sold recently at auction, indicating that Marussia is clearly in its death throes.
But team president Graeme Lowdon was quoted on Sunday by Britain's Sky: "There have been some auctions already but none of the equipment that has been sold so far is essential for the team to go forward."
However, more auctions will take place in the coming week, and Lowdon has warned that if Wednesday's sales go ahead, Marussia's fate will be sealed.
"If that equipment went next week," he admitted, "it would be difficult."
It means the survival of the backmarker now depends on a rescue deal being put in place within the next 48 hours, Lowdon added.
"It's certainly possible for the team to get there," he said. "It would be good news for F1 and for our fans certainly."