Monday, February 23, 2015

News: CVA agreed at Manor F1

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Creditors of the Manor Grand Prix Racing Limited, trading as the Marussia F1 Team, have agreed to enter into a Company Voluntary Arrangement (CVA) that would enable the company to exit administration and secure investment.

FRP Advisory LLP were appointed joint administrators at the end of October to the F1 team that began life as Manor Grand Prix in Dinnington, Rotherham, after it was unable to bring new investment to secure its long term future.

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Without further financial backing from Marussia's owner, the company ceased trading in October, resulting in 200 redundancies. The remnants of the team have been working hard to get the team going again, having secured a spot on the provisional entry list for the 2015 championship and still harbouring the potential £30m in prize money due to its progress on the track last season.

The main creditors of Manor Grand Prix Racing Limited are Lloyd's, who invested in the fledgling team, and Ferrari, the team's supplier in 2014.

Geoff Rowley, joint administrator and partner at FRP Advisory, said: "We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA.

"With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing.

"It has been a long process and we would like to thank everyone involved to reach this milestone.

"We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days."

Pre-season testing means that plenty of rumours and reports are flying around the F1 paddock. This includes reports that former Sainsbury's chief executive Justin King is set to invest in the team. King's son, Jordan recently secured a seat in GP2 with Spanish team Racing Engineering.

Other reports are that Ferrari, owed £13m from the collapse of the previous team, have verbally agreed to supply engines for the new incarnation. Other rumours include Manor becoming a "second" team to one of the sport's big boys and it is also being reported that teams are supportive of Manor F1 returning to the sport. Positive comments have come from the likes of Christian Horner, team principal of Red Bull, but Force India's Bob Fernley was reportedly critical of the team's attempts to make the grid.

Manor F1 Team website

Images: Manor F1 Team

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