Formula one is facing a potential reduction to 10 teams this season after Virgin and Marussia which is the sport’s smallest and least successful outfit went into administration with more than 200 jobs at risk.
The British-based team who moved into Formula One in 2010 and previously competed as Virgin and Marussia are now in a race against time to get a new investor to stave off collapse.
FRP Advisory LLP said in a statement that they had appointed administrators to the team’s operating company Just Racing Services Ltd (JRSL).
“During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available,” said joint administrator Geoff Rowley.
“Therefore, they have been left with no alternative but to place JRSL into administration,” he added. (more…)
Owner of the Manor Formula One team formerly known as Marussia, Stephen Fitzpatrick has said that talks had gone quite up to an advanced stage with an unnamed investor, which means that the outfit might soon be sold.
Fitzpatrick, while at the Abu Dhabi GP on Friday, had said that he would not be able to say much about specifics of the sales discussions but that for about six months, they had been in talks with several investors for the past six months.
The British based team, which had gone into administration as Marussia had been saved by Fitzpatrick in 2014 after they showed signs of collapsing.
“I can’t talk too much about the specifics but we’ve been in discussions with several investors for the last six months I’d say,”
“We have agreed terms with an investor at the moment and we are still working through that.”
Fitzpatrick stated that with money, performance can be equaled and believes that he needed to do whatever had to be done to ensure that the team got more funding so as to help them develop and grow as well, even if it meant bringing in another investor, and a majority one at that. (more…)
Marussia team remembers Jules Bianchi this July as it has been one year since the young man did his team proud.
He did pay a high price for the same as he collapsed under the head injuries he received. Jules Bianchi had participated in the Japanese Grand Prix in 2014 and represented the team accordingly. The wet conditions of the track however proved fatal for his ride.
It is not often that the loss of a driver weighs down on an F1 team. With advanced security and safety measures that are adopted in the car models as well as track conditions, it is rare these days that fatal injuries and accidents occur. However, Marussia experienced the loss of Bianchi, who was 25 years of age when he crashed on the lap of 43 in the scheduled lap’s race that included 53 laps. The race had occurred at the famed Suzuka circuit. As his car collided with a crane tractor used for removing Sauber’s car, it spun and crashed outside of the Dunlop curve on lap 42. He was French in origin. There was an emergency surgery that was conducted on him, after which he was put into an induced coma. He remained in this state till he passed away on July 17th 2015. The tragic death was one of the few instances of losses on the F1 tracks after Ayrton Senna who had passed away at the San Marino Grand Prix in 1994.
One of the new teams that came on in 2010 was Virgin Racing. They also came with a budget cap that was proposed.
However the budget cap never arrives due to which the teams were unable to get themselves off the grid. Hence, most of them end up being slower than the established teams, about five seconds or so slower. The team originated from Manor Motorsport. It was formed in collaboration between John Booth and Wirth Research. Virgin bought a holding in the shares due to which naming rights was achieved by the company.
The car that was introduced definitely had some innovations in it. Computational fluid dynamics, commonly known as a CFD, became part of the F1 race, courtesy the car that was introduced by Virgin Racing. However the fuel tank proved to be inadequate for which the chassis had to be redesigned in the middle of the first season. (more…)