Ferrari, McLaren hit by Marussia collapse

Russian outfit owes £16.6 million to Ferrari in engines

LONDON: Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula One team, reported the Sunday Telegraph. 

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

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

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.

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 January 21, when the three 2014 cars, minus engines, will go under the hammer.


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