Publications
Partners
Virgin Racing has sold a major share of the team to Russian sports-car maker Marussia and will rename the team Marussia Virgin Racing in 2011.
Virgin boss Richard Branson announced the deal in the Yas Hotel at the extravagant Yas Marina Circuit ahead of the season-ending Abu Dhabi F1 GP.
The Russian company was already a minor shareholder.
Branson said: "Our first year in F1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession. So Virgin is delighted to have secured a partner which shares our vision and spirit of challenging the establishment.
"We look forward to working together to move the team up the grid."
Team boss Graeme Lowdon added: "This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every member of our team."
SHOWMAN FORMENKO
Marussia is a young Russian sports-car manufacturing firm owned by a comedian and actor, Nikolai Fomenko and the purchase seems to be intended to increase Russian F1 participation ahead of the country's first GP in Sochi in 2014.
Fomenko started racing as a hobby in the 1990's. He has not abandoned his showman career, however, and played a villain in a New Year's TV special loosely based on the story of Pinocchio.
Car racing, an obscure sport in Russia, received its share of limelight last weekend when prime minister Vladimir Putin did 240km/h in Renault's F1 race car.
Putin has long lobbied for a Sochi GP.
Virgin boss Richard Branson announced the deal in the Yas Hotel at the extravagant Yas Marina Circuit ahead of the season-ending Abu Dhabi F1 GP.
The Russian company was already a minor shareholder.
Branson said: "Our first year in F1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession. So Virgin is delighted to have secured a partner which shares our vision and spirit of challenging the establishment.
"We look forward to working together to move the team up the grid."
Team boss Graeme Lowdon added: "This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every member of our team."
SHOWMAN FORMENKO
Marussia is a young Russian sports-car manufacturing firm owned by a comedian and actor, Nikolai Fomenko and the purchase seems to be intended to increase Russian F1 participation ahead of the country's first GP in Sochi in 2014.
Fomenko started racing as a hobby in the 1990's. He has not abandoned his showman career, however, and played a villain in a New Year's TV special loosely based on the story of Pinocchio.
Car racing, an obscure sport in Russia, received its share of limelight last weekend when prime minister Vladimir Putin did 240km/h in Renault's F1 race car.
Putin has long lobbied for a Sochi GP.