Marussia have recorded the biggest financial loss in Formula One history, but the team are confident they have turned the corner...
Marussia have recorded the biggest financial loss in Formula One history, but the team are confident they have turned the corner.
Lotus produced motorsport's worst set of financial records in May this year as they made a loss of £56 million, but Marussia have outdone them as they lost £57.6 million last year.
Although the numbers make for poor reading, the team are convinced things will be better next year as their investors have moved to clear £130 million worth of debt.
More good news for the squad is the fact that they have signed the Concorde Agreement, which entitles them to financial reward at the end of the season.
"The figures make frightening reading at first glance," Andy Webb, Marussia's chief executive, is quoted as saying by The Times.
"But we have restructured the way in which the team is financed so that we start this new financial year without any debt and a clear path, thanks to our investors."
According to The Times 'Marussia's investors intend to underwrite the team directly, using the same financing method as Red Bull, who receive up to £84 million a year from their Austria-based parent company to make them probably the biggest-spending team in F1'.
"Our investors have met with some incredulity the way F1 costs are run," Webb added. "They were not expecting to enter a spending competition but they have put us on a solid footing and we are secure for future."