Nikolay Fomenko's Marussia Motors has taken a significant shareholding in the Formula One newcomer Virgin Racing.
Russian supercar maker on board with "significant investment"
The long-term future of Virgin Racing appears secure after Russian supercar maker Marussia Motors took a significant shareholding in the Formula One newcomer.
Thursday's announcement in Abu Dhabi ahead of this weekend's title-deciding race means that Marussia will become the team's title sponsor in 2011, with the deal set to last four years.
No financial or stakeholder details have been given but team principal John Booth said the contract was substantial and that Virgin would remain a British team.
"It is a significant investment, not a takeover," Booth explained. "The board structure stays pretty much the same and the management stays the same. And a takeover is not what they are looking for, they are looking to help the team grow."
Marussia's arrival in F1 comes just weeks after the announcement that Russia will host a grand prix in Sochi in 2014, the same year the Black Sea resort hosts the Winter Olympics.
Secure
"It makes us secure for four years, to 2014 which is when we go to Sochi," Booth added.
"It allows us to be a little more ambitious in our planning."
Virgin Racing are one of three new teams on the grid this season and have yet to score a point in the 18 races held so far this season.
Marussia is also a relative newcomer, having been founded in 2007 by racing driver Nikolay Fomenko.
It launched its first Cosworth-powered supercar at the 2009 Frankfurt Motor Show and is now gearing up for full-scale production.
Virgin already had Marussia on board as a team partner this season.
"While manufacturing, launching and marketing the Marussia B1, B2 and other concepts in Europe, we will 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," Fomenko said.
Virgin Racing chief executive Graeme Lowdon said the deal will allow the team, which has one of the lowest budgets in F1, to grow.
He also hopes the news will bring an end to speculation about their future.
"We've always considered it to be secure," Lowdon said. "But you wouldn't believe that if you were to read half of the stuff externally.
"If you look at the team behind the team, you have got LDC (LLoyds Development Capital), the management team, Virgin Group, Richard Branson himself and so certainly within that grouping there has never been any doubt that we are going to be around."
Vision
Branson, meanwhile, said Virgin were delighted to have secured a partner "which shares our vision and spirit for challenging the establishment.
"We look forward to working together to move the team up the Formula One grid."
However, with Vitaly Petrov yet to be confirmed by Renault for 2011, Booth said there was "nothing on the horizon for a Russian driver at the moment.
"But they have come on in leaps and bounds over the last five years. Russian drivers are going from strength to strength so in future I am sure we will see more of them in F1," he added.
