Adapted from GMM
Virgin officially announced that it has sold a major stake in the new British F1 team to Russian sportscar manufacturer Marussia Motors.
The news follows reports earlier this week that team sponsor Marussia , headed by racing driver and Russian Top Gear presenter Nikolai Fomenko, is buying into the team.
Nikolai Fomenko confirmed to state owned news agency Ria Novosti that Marussia Motors has acquired a "significant stake" in Virgin Racing. "Now we can state with full certainty that we have our team in formula one. Of course, it was not an easy decision for us. I'm not entitled to disclose the contract value, but it's big money, believe me," he said.
Sir Richard Branson says: "Our first year in Formula 1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession. Virgin is delighted to have secured a partner which shares our vision and spirit for challenging the establishment and we look forward to working together to move the team up the F1 grid."
Virgin Racing team principal John Booth says the deal with Marussia is important, as it has provided it with a solid financial platform to go forward.
"It is massive. We had security anyway, but it allows us to be a bit more ambitious in our planning. On the technical side there are lots of exciting things happening. It won't happen immediately but it will happen as the year goes on."
Graeme Lowdon, CEO of Virgin Racing, said: "This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every single member of our team."
The contract was reportedly signed in London last Saturday, with the team to be called 'Marussia Virgin Racing' and the 2011 car to be launched in Moscow early next year.
Marussia co-investor Andrey Cheglakov said the marque wants to keep 'Virgin' in its F1 name "to gain better recognition for the team itself".
In 2010, Renault rookie Vitaly Petrov became the first Russian driver in F1, and a deal for a Russian grand prix near Sochi in 2014 was signed. Nikolai Fomenko said he would be interested in signing Petrov in the future.
"Today I am unable to provide him with a competitive car. And he needs to continue his career in a fast car. Just wait for one more season," he said.
Virgin officially announced that it has sold a major stake in the new British F1 team to Russian sportscar manufacturer Marussia Motors.
The news follows reports earlier this week that team sponsor Marussia , headed by racing driver and Russian Top Gear presenter Nikolai Fomenko, is buying into the team.
Nikolai Fomenko confirmed to state owned news agency Ria Novosti that Marussia Motors has acquired a "significant stake" in Virgin Racing. "Now we can state with full certainty that we have our team in formula one. Of course, it was not an easy decision for us. I'm not entitled to disclose the contract value, but it's big money, believe me," he said.
Sir Richard Branson says: "Our first year in Formula 1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession. Virgin is delighted to have secured a partner which shares our vision and spirit for challenging the establishment and we look forward to working together to move the team up the F1 grid."
Virgin Racing team principal John Booth says the deal with Marussia is important, as it has provided it with a solid financial platform to go forward.
"It is massive. We had security anyway, but it allows us to be a bit more ambitious in our planning. On the technical side there are lots of exciting things happening. It won't happen immediately but it will happen as the year goes on."
Graeme Lowdon, CEO of Virgin Racing, said: "This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every single member of our team."
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| Photo Marussia |
The contract was reportedly signed in London last Saturday, with the team to be called 'Marussia Virgin Racing' and the 2011 car to be launched in Moscow early next year.
Marussia co-investor Andrey Cheglakov said the marque wants to keep 'Virgin' in its F1 name "to gain better recognition for the team itself".
In 2010, Renault rookie Vitaly Petrov became the first Russian driver in F1, and a deal for a Russian grand prix near Sochi in 2014 was signed. Nikolai Fomenko said he would be interested in signing Petrov in the future.
"Today I am unable to provide him with a competitive car. And he needs to continue his career in a fast car. Just wait for one more season," he said.