Ferrari, McLaren to lose millions from Marussia Formula One team collapse

Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula One team, the Sunday Telegraph newspaper reported. [caption id=“attachment_1515547” align=“alignleft” width=“380”]  Ferrari. Getty Images[/caption] It said documents from administrators FRP Advisory dated 18 December showed that Ferrari, Formula One’s oldest and most successful team, were owed 16.6 million pounds ($25.81 million) for engines supplied. McLaren, who had a technical partnership with Marussia, were owed 7.1 million pounds ($11.04 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 pounds. “The secured creditors will suffer a significant shortfall,” he said. “(There is) insufficient property to enable a distribution to be made to unsecured creditors.” 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 Jan. 21, when the three 2014 cars – minus engines – will go under the hammer. The team scored just two points in five years, with those coming in Monaco this year thanks to French driver Jules Bianchi, who subsequently suffered severe head injuries in a Japanese Grand Prix crash. Reuters