F1 News

Marussia debt exposed at £31.5 million

Marussia MR03
Marussia MR03

Marussia F1 team, which ceased trading last month, owe £31.5 million in unpaid debt, it has been revealed.

The team entered administration in October and failed to compete in the final three races of the season, before folding shortly after.

A summary of the company’s outstanding payments has been submitted to the High Court by administrators FRP Advisory LLP.

The team’s ex-engine suppliers, Ferrari, are owed more than half of the full amount, at £16.6 million, while McLaren and Pirelli are also owed significant money at £7 million and £1 million respectively.

Ex-driver Timo Glock is owed £600,000, while HMRC are owed £1 million in unpaid tax and national insurance payments.

AUTOSPORT  says that the final amount, once issued and called up capital is taken into account, is estimated to be £194.7 million.

The team finished ninth in the constructors standings last season after Jules Bianchi scored points in Monaco, and this would normally earn them £35 million in prize money but the team would have to race next year to receive it.

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