Team owed trade creditors over £31m when it collapsed
Wednesday 7 January 2015 12:40, UK
The Marussia F1 team entered administration with debts of over £31m to trade creditors, it has been revealed.
Over half of the eye-watering sum was owed to Ferrari, the team’s engine suppliers prior to their demise midway through the 2014 campaign.
Another £7m was owed to McLaren, with whom Marussia had a technical partnership, and almost £1m to tyre suppliers Pirelli.
The leaked documents submitted by administrators FRP Advisory do not include the debts owed to Lloyds Development Capital and Marussia Communications.
In total, Marussia collapsed with debts in excess of £60m with over 200 staff at the Banbury-based team being made redundant following their demise in November.
Over trade 200 creditors are listed on the documents, ranging from the £16.6m of debt to Ferrari down to the £2.23 still owed to Snap on Tools.
The team’s remaining assets have been put up for auction while it is believed that their Banbury factory headquarters has been sold to the Haas outfit which is due to join the grid in 2016.
