Formula 1

Marussia collapsed with debts over £31m

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The collapse of the Marussia F1 Team during the 2014 Formula 1 season was one of the biggest talking points of last year, and it has been announced that the team still have outstanding debts in excess of £31 million.

Marussia’s administrators have revealed to the High Court the extent of the monies that are owed by the former F1 team, with Ferrari alone being owed £16.6 million after the two parties had agreed a multi-year contract for an engine supply after the withdrawal of Cosworth.

McLaren, who had a technical partnership with the team, are owed £7 million, while tyre supplier Pirelli are owed in excess of £1 million.

Former driver Timo Glock, who left the team ahead of the 2013 season, is also listed, with the German driver being owed more than £600,000. Capsicum Grand Prix Ltd, which represented Max Chilton, is owed £3.1 million.

The HMRC are owed in excess of £1 million for outstanding tax and national insurance payments.

As well as all of the trade creditors, there are fixed and floating charges of £13.1 million is owed to Lloyds TSB and £14.6 million to Marussia Communications.

The statement of affairs also states that Marussia’s assets of £6.3 million are only likely to raise £2.2 million.

The total estimated monies owed to creditors, including the fixed and floating charges, are in excess of £62.3 million.

Despite finishing ninth in the Constructors’ championship in 2014, thanks to Jules Bianchi’s ninth place finish in Monte Carlo, the team will not be eligible for the £35 million prize payment as they would need to race in 2015 to qualify for it.

It was also revealed that the team lost an additional £31,000 in a bid to race in the 2014 season finale in Abu Dhabi, only for their major investor pulling the plug at the eleventh hour after all plans had been put into place to travel to the circuit for the race. The team had already missed the United States and Brazilian Grand Prix while in administration.

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