Marussia in administration

[woof]

Thanks - interesting.
So from that $50million seems about right - so why haven't the creditors waited for a month and got their money that way ?!?

MartG said:

woof said:

MartG said:

With a rumoured $50M due from their 9th place in the constructors championship if they get the cars to Abu Dhabi, Marussia are much more likely to attract new investment than the financial black-hole that is Caterham

I think it's a lot less than that - 15 million ?

thegreenhell said:

ajprice said:

If Marussia F1 survive to 2015, how much money would they get from the 2 championship points scored by Bianchi this year?

If the analysis and figures in this article are correct then it will be in the region of $50M. They will finish top 10 two years running to qualify for the column 1 payment, plus the prize money for ninth or tenth in the WCC this year.

http://bleacherreport.com/articles/1955397-formula...

[Steffan]

Pity but F1 has always been a very rich mans game to afford to own teams Start with a big fortune end with a small fortune being the common experience. Unless there is a wealthy saviour about several teams look distinctly troubled currently. Bernie may work his magic and keep them going but this is a very investment heavy sport. I hope there is a recovery but it really is down to finding a sufficiently wealthy investor.

[simonpeter]

Formula one needs to take its head out of Bernies backside. There has been a continual decline in the depth of the formula for too many years. I know that motorsport in general cannot be immune from the changes to the worlds financial markets, but when Bernie can pay off a court case with 100 million and ask Putin for the same amount for a Russian GP, surly there is a massive problem with the way the resources are shared, or not as the case may be.
The costs have increased considerably with the latest hybrid tech cars and yet we have not seen a fundamental review into the financial structuring of the sport. As others have said, there are other teams who may yet fall foul. Where is the Vodaphone replacement at McLaren? Look at the livery of the Williams? A very competitive car with acres of advertising space. Bernie was given credit for the commercial success F1 has enjoyed, remember the good times, 1989 with 39 cars trying to qualify for a grid space. Makes the current field look pretty thin, 1950s style.
Formula one needs a new guy with a game plan.

[Steffan]

simonpeter said:

Formula one needs to take its head out of Bernies backside. There has been a continual decline in the depth of the formula for too many years. I know that motorsport in general cannot be immune from the changes to the worlds financial markets, but when Bernie can pay off a court case with 100 million and ask Putin for the same amount for a Russian GP, surly there is a massive problem with the way the resources are shared, or not as the case may be.
The costs have increased considerably with the latest hybrid tech cars and yet we have not seen a fundamental review into the financial structuring of the sport. As others have said, there are other teams who may yet fall foul. Where is the Vodaphone replacement at McLaren? Look at the livery of the Williams? A very competitive car with acres of advertising space. Bernie was given credit for the commercial success F1 has enjoyed, remember the good times, 1989 with 39 cars trying to qualify for a grid space. Makes the current field look pretty thin, 1950s style.
Formula one needs a new guy with a game plan.

Possibly: but given Mr Ecclestones massive wealth and huge reputation ( in all it's intricacies) who is likely to challenge him? No one I suggest. As various threads confirm the rich are getting richer. Mr Ecclestone is very very very rich. Only the grim reaper can take the like of Berie on with any hope of success. He might struggle.

[Steffan]

Max Moseley a singularly cleverer if unpleasant man suspects more failures in F1 are likely

See

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

I cannot see the teams without seriously wealthy backers continuing. Time will tell.

[Agent Orange]

Steffan said:

Max Moseley a singularly cleverer if unpleasant man suspects more failures in F1 are likely

See

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

I cannot see the teams without seriously wealthy backers continuing. Time will tell.

Well I don't know what that thread has to do with F1 or Max Moseley but it's certainly an eye opener!!

[Petrus1983]

ukaskew said:

Any idea what this means for Jules in terms of support, both personnel and financially?

I read somewhere that Ferrari considers him part of their 'family' - they already flew out their own medical teams. A sad end to a sad season for them.

[Vaud]

Petrus1983 said:

ukaskew said:

Any idea what this means for Jules in terms of support, both personnel and financially?

I read somewhere that Ferrari considers him part of their 'family' - they already flew out their own medical teams. A sad end to a sad season for them.

He was part of their young driver programme and heavily supported by them; I did hear that his wages and costs were paid by Ferrari as well as a placement fee.

I think they will stand by him.

[Crafty_]

I don't think Marussia would have any liability for Jules.
Potentially they were paying an insurance premium for him that would be paying out?

Aside from that as others have said Ferrari appear to be supplying doctors/paying bills.

[Petrus1983]

I feel safe in assuming Jules is well taken care of, but as for all the other staff it's very sad. A long, long time ago I grew up around motor racing paddocks and know how hard people strive to get into F1 at all levels, not just drivers, so some great mechanics etc are facing a very unfair uncertain few months.

[Vaud]

V sad all round - first the lows of Maria, then the peak of points at Monaco - then Jules - and now this.

Plucky little team. From all of the new entrants, given their skeleton budget and what they made of it, I had hoped they would survive.

[ukaskew]

Vaud said:

Plucky little team. From all of the new entrants, given their skeleton budget and what they made of it, I had hoped they would survive.

I think that's the most worrying thing, as much as any team they seemed at least from the outside to be running a very tight ship with very little of the wastage seen elsewhere. If even that was not enough to make it to the end of the season it doesn't bode well for any new team coming into F1.

[btcc123]

I think Caterham is dead in the water as Marussia is a much better bet but I cannot see anyone buying them until they have been guaranteed ninth posision in the constructors championship.

The best bet would be for Gene Haas to buy the team as it will be hell of a lot cheaper that setting up the team in the USA,have a ready workforce,be near a pool of engineers to poach from other teams and not forgetting it already has a Ferrari engine in the back.Do the deal and come back for the last race with double points and if they finish ninth have a 35 million bonus.

Do an update package for next year and spend the season learning all about running a F1 team,integrating all the Ferrari parts,starting the design of the 2016 car early and think it would be possible to be a mid field team in 2016.

Its a no brainer for me but perhaps because he is American he thinks he can run the team from across the pond,spend a fortune,run at the back of the grid for 3-5 years then give up on F1.

Am I missing something.

[Vaud]

I have heard of worse ideas.

[Crafty_]

btcc123 said:

Am I missing something.

Haas wants an American team and I see absolutely nothing wrong with that.

If you read recent articles the guy has a very sensible approach to what he is doing and is already finding out its a tough world, welcome to the piranha club as they say.

Buying Marussia gets him nothing. He's already got an entry, Ferrari engines, transmission and suspension systems on the way, the factory in NC is already far better equipped than what Marussia has. The chassis will be manufactured in Italy (at least initially) and he expects to have premises in Europe (more than likely the UK) by the end of the year.

If anything, some of the assets might be of use - garage equipment and so on. Thats about it. No point buying an entire team for that - its certainly not worth the £65m that is reportedly being asked for the team.

[btcc123]

I respect your thoughts and as he is paying the bills and is American fair play to him for wanting to base the team in the USA and perhaps have a hub in Europe.

Perhaps it will not cost 65 million only 30 million to buy Marussia if they finish ninth and still think it is a reasonable price for a ready made team with an F1 license for some wealthy investor who can find good sponsorship.

[MitchT]

Seems F1 participation is the 'kiss of death' these days for anything other than a large car manufacturer. Sauber is a long-standing and well respected name in motor sport but they would appear to be the next most 'exposed' team after Marussia.

[Crafty_]

Allegedly the two steel magnates have offered £55m but its not enough.


Yeah Marussia could be a good buy for someone, but I don't think that it would be for Haas given how far along his arrangements are.

Arguably, had the Russian owner actually hired someone with a bit of marketing nous the team could have attracted sponsors which would mean he didn't have to keep forking out cash to keep the team running. But he didn't. Verdict ? didn't care about racing or actually making a go of it, had no real long term plan for the team and basically just didn't care.

One could say this says more about the type of team owner F1 is attracting than any problems with who gets what money in F1. Cost cap or not cost cap if you don't care about the racing you'll never stick around long. Did anyone ever see him at a race ? did he ever give an interview ? set out any plan for the team ? most people don't even know the guys name.

Compare to Williams, well known in racing circles for being a bit of an arthur daley / steptoe character, he was indifferent to money, provided the car got on the grid. He spent some years living on people's sofas so he could spend what money he had on racing, utterly shameless in begging and borrowing it was all for the racing.
He is ageing, nearly died 30 years ago, has serious disability, lost his wife and he's still sat in the garage, peering at a TV monitor, thinking, plotting, scheming to get those white cars on the top step. His very being is devoted to racing. I only wish I loved something as much.

[gaz1234]

Single series

[Vaud]

I

Crafty_ said:

Compare to Williams, well known in racing circles for being a bit of an arthur daley / steptoe character, he was indifferent to money, provided the car got on the grid. He spent some years living on people's sofas so he could spend what money he had on racing, utterly shameless in begging and borrowing it was all for the racing.
He is ageing, nearly died 30 years ago, has serious disability, lost his wife and he's still sat in the garage, peering at a TV monitor, thinking, plotting, scheming to get those white cars on the top step. His very being is devoted to racing. I only wish I loved something as much.

Good post. Bernie has always helped those close to him. Frank has always put team first (ahead of driver egos). Lovely guy. I was lucky enough to watch a British GP as a guest of Williams, and was struck by the passion and warmth of the team. A British Ferrarii of sorts. At least their results this year should ensure at least a few more years, their prize money should be substantial....