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Russian buys 'significant' stake in Virgin
Thursday 11th November 2010, 08:00
Russian sports car manufacturer Marussia Motors, a current sponsor of the Virgin team, has acquired a 'significant stake' in the outfit, company President Nikolai Fomenko revealed.
The British team will be renamed Marussia Virgin Racing next season as part of the deal and the car will be launched in both London and Moscow.
"Now we can state with full certainty that we have our team in Formula 1," Fomenko told RIA Novosti.
"Of course, it was not an easy decision for us. I’m not entitled to disclose the contract value, but it’s big money, believe me."
The news was confirmed by the Virgin team in Abu Dhabi today.
"Our first year in Formula 1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession," said Virgin's Sir Richard Branson.
"Virgin is delighted to have secured a partner which shares our vision and spirit for challenging the establishment and we look forward to working together to move the team up the F1 grid."
Graeme Lowdon, CEO of Virgin Racing, added: "This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every single member of our team."
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