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Struggling Marussia's fate sealed?

2015-01-19 07:57

11TH HOUR RESCUE? Marussia's fate could be sealed if a proposed rescue deal does not materialise as it has sold off much of its assets. Image: AFP / Yuri Kadobnov

LONDON, England - The 11th hour is fast approaching for Formula 1 team Marussia.

Now called Manor, the name of the operating company, the tail-enderis in administration is fast shedding its assets to pay millions to creditors.

Its Banbury factory, for instance, is believed to have been sold to 2016 entrant Gene Haas and key staff have already gone to rival teams.

RESCUE DEAL?

It's believed Haas was also among the buyers of team equipment sold recently at auction, indicating that Marussia was clearly in its death throes, but team president Graeme Lowdon was quoted by Britain's Sky TV: "There have been some auctions already but none of the equipment sold so far is essential for the team to go forward."

However, more auctions will take place in January 2015, and Lowdon has warned that if Wednesday's (Jan 21) sales go ahead, Marussia's fate will be sealed.

Lowdon said: "If that equipment goes next week, it would be difficult. It means the survival of the team now depends on a rescue deal being put in place in the next 48 hours.

"It's certainly possible for the team to get there. It would be good news for F1 and certainly  for our fans."

Stay with Wheels24 for the 2015 F1 season – fresh reports every day.

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Read more on:    marussia  |  england  |  motorsport  |  formula 1

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