Virgin net Russian deal
Virgin Racing has secured its future for 2011 and beyond after strengthening its links with a nascent Russian sportscar company.
Marussia Motors joined forces with Virgin last year in a minor sponsorship role, but the Moscow-based manufacturer has now taken up a significant shareholding.
Following a turbulent debut season for the team, owner Richard Branson said: “Our first year in Formula One was always going to be tough, even more so as we were launching in the midst of a worldwide recession.
“Virgin is now delighted to have secured a partner which shares our vision and spirit for challenging the establishment.
“We can look forward to working together to move the team up the Formula One grid.”
After signing a four-year deal from 2011 the team will be known as Marussia Virgin Racing as the country continues to make significant inroads into F1.
A year ago Russia had no links with the sport, but first Renault signed Vitaly Petrov and he has since attracted sponsors such as Lada, as well as a vodka and shipyard company.
Only a few weeks ago F1 supremo Bernie Ecclestone finally secured a deal with Russia to hold a grand prix, hopefully from 2014 in the Black Sea resort of Sochi.
Marussia founder Nikolay Fomenko said: “This is the realisation of a dream for us.
“In manufacturing, launching and promoting our cars, we will now have a Formula One team to promote these activities and demonstrate to the world that a new car manufacturer has arrived from Russia with truly international ambitions.”
