Ferrari, McLaren take a hit from Marussia collapse

LONDON (Reuters) - Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula One team, the Sunday Telegraph newspaper reported.

Ferrari, McLaren take a hit from Marussia collapse

(Reuters)





It said documents from administrators FRP Advisory dated Dec. 18 showed that Ferrari, Formula One's oldest and most successful team, were owed 16.6 million pounds for engines supplied.

McLaren, who had a technical partnership with Marussia, were owed 7.1 million pounds.

The newspaper said Lloyds Development Capital (LDC), the private equity division of taxpayer-owned Lloyds Banking Group, was owed 13.2 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 1.6 million pounds.

"The secured creditors will suffer a significant shortfall," he said. "(There is) insufficient property to enable a distribution to be made to unsecured creditors."

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

Much of the team's kit has been auctioned off already but another sale date is scheduled for Jan. 21, when the three 2014 cars -- minus engines -- will go under the hammer.

The team scored just two points in five years, with those coming in Monaco this year thanks to French driver Jules Bianchi, who subsequently suffered severe head injuries in a Japanese Grand Prix crash.





(Reporting by Alan Baldwin, editing by Ed Osmond)


Share

2 min read

Published

Updated

Source: Reuters


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world