Ferrari And McLaren Lose Millions Because Of Marussia F1 Team

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The fall of Marussia Formula One Team has caused losses in the millions for Ferrari and McLaren. These two teams have been affected the biggest.

Ferrari and McLaren have had various partnerships with the Marussia team. These two teams unfortunately are not under the secured creditors list who will be paid after Marussia sells off its assets.

Ferrari was assisting the Anglo-Russian team with engines whereas McLaren was assisting the team with technical partnership.

Ferrari is owed USD 25.81 million and McLaren is owed USD 11.04 million.

Marussia team has already started auctioning some of its assets, while the shells will be auctioned out in January.

The engines have already been returned to Ferrari.

Lloyds Development Capital, who is one among Marussia's secured creditor will not be paid in full either, as Marussia's assets will not be worth enough.

Marussia owed Lloyds Development Capital 13.2 million, but is expecting not more than 1.6 million pounds, according to Geoff Rowley, a managing partner.

The Marussia F1 team missed out on three races during the last Formula One season after going into administration. The team managed to score just 2 points in the last five years.

Story first published: Wednesday, December 31, 2014, 10:40 [IST]
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