Virgin Racing to drive ahead in F1 following deal
PRIVATE equity firm LDC has sold part of its stake in Yorkshire-based Formula 1 team Virgin Racing to Russian super-car maker Marussia.
A truly international deal, the transaction was announced in Abu Dhabi, where the team – which is headquartered in Dinnington, Rotherham, is preparing for this weekend’s Grand Prix.
LDC’s North West operation, which backed the team in the summer of 2009 following its entry into the FIA Formula One Championship, will retain a shareholding alongside the existing Virgin Racing management team. Financial terms were not disclosed.
Led by head of LDC Manchester Carl Wormald and supported by investment director Jonathan Bell, the deal gives the Virgin Racing team additional long term funding while providing an attractive return on LDC’s initial investment.
Speaking to TheBusinessDesk.com from Yas Marina, Abu Dhabi, Mr Wormald, said the partnership with Marussia was in line with the long-term strategy to establish Virgin Racing in one of the world’s most competitive sports.
He said: “This is excellent news for all stakeholders in Virgin Racing. The team has made tremendous progress over the past 12 months and this is testimony to the commitment and skill of the Virgin Racing personnel.
“LDC is delighted to remain a significant shareholder and is looking forward to working with Marussia to support the future development of the team.”
Marussia Motors was founded in 2007 and entered the sports car market in December 2008 with its first vehicle, the Marussia B1, in Moscow.
Marussia’s president and chief executive Nikolai Fomenko is a former leading racing driver in Russia and also presents the Russian version of Top Gear.
Mr Formenko, said: “This is the realisation of a dream for Marussia Motors. While manufacturing, launching and marketing the Marussia B1, B2 and other concepts in Europe, we will have a Formula One team to promote these activities and demonstrate to the world that a new car manufacturer has arrived from Russia with truly international ambitions.”
Virgin Racing was established last year when Manor Motorsport joined forces with WR Technology Limited (Wirth Research) and Virgin to compete in the FIA Formula One World Championship
From the 2011 season the team will be known as Marussia Virgin Racing.
