Formula 1 - Marussia's Hopes Rise with Potential Rescue Package

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New investors could still keep Formula 1 team’s dream alive.

“Marussia is fully open for investment negotiations and is ready to race in Abu Dhabi"

The Marussia Formula 1 team could still race in the Abu Dhabi Grand Prix on 23rd November. A group led by Summit Bespoke Investments and the corporate finance division of White & Company Chartered Accountants have spoken to serious and interested parties and are welcoming interest from new parties about a rescue package that would enable the team to take part.

Following the lamentable, but necessary decision by the joint administrators to terminate the employment of the work force and to close the doors, there is still a short window of opportunity to save the Team and retain its position within Formula 1.

The Marussia Team represents an attractive takeover proposition within Formula 1, in particular because of its standing at 9th place in the Constructors Championship, its talented workforce and its relatively low operating budget.

The news comes just a day after FRP, the team’s administrators, announced that the team had ceased trading and that all staff were being made redundant.

Summit Bespoke’s founder Hanan Kattan said today: “The team is fully open for investment negotiations and is ready to race in Abu Dhabi provided we find investors for a relatively small injection of funds.”

Summit Bespoke Investments was founded by Hanan Kattan to work on niche investment opportunities.

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Hanan Kattan
since: 11/2014
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