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Marussia failure to cost Ferrari fortune

2014-12-29 09:53

DOMINO EFFECT: Formula 1 team Marussia's collapse has affected several creditors, among them Ferrari and McLaren.Image: AFP / Yuri Kadobnov

ALAN BALDWIN

LONDON, England - Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula 1 team, Britain's Sunday Telegraph has reported.

It said documents from administrators FRP Advisory dated Dec 18 2014 showed that Ferrari, F1's oldest and most successful team, was owed the equivalent of R300-million for engines supplied.

McLaren, which had a technical partnership with Marussia, is owed the equivalent of R128-million.

CREDITORS WILL SUFFER

The newspaper said Lloyds Development Capital, the private equity division of taxpayer-owned Lloyds Banking Group, was owed R153-million which was secured on all of Marussia's assets, unlike money owed to more than 200 other creditors.

FRP managing partner Geoff Rowley was quoted as saying LDC had priority over other creditors but the estimated payout was unlikely to exceed the equivalent of R29-million. He added: "The secured creditors will suffer a significant shortfall. There is insufficient property to enable a distribution to be made to unsecured creditors."

Marussia ceased trading in early November 2014 with some 200 staff made redundant, and the team missed the final three races of the 2014 season.

Much of the team's equipment has been auctioned already but another sale date is scheduled for January 21 2015 when the three 2014 cars - each minus its engine - will go under the hammer.

The team scored only two points in five years, with those coming at Monaco 2014 thanks to French driver Jules Bianchi, who subsequently suffered severe head injuries in the 2014 Japanese Grand Prix crash and is still in hospital.

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