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Marussia to clear debts by 2014
The Marussia Formula One team's owners are planning to clear its debts heading into 2014 after the outfit racked up a £57.6 million loss last year.
Russian car company Marussia took a controlling interest in the team in 2010 with the intention of using it to market its road cars. The team changed its name to Marussia in 2012 but has yet to score a point and currently sits second from bottom in the constructors' championship.
Nevertheless, the Times reports that Marussia investor Andrei Cheglakov intends to clear £130 million worth of debt ahead of the 2014 season.
"The figures make frightening reading at first glance," the F1 team's CEO Andy Webb told the newspaper. "But we have restructured the way in which the team is financed so that we start this new financial year without any debt and a clear path, thanks to our investors."
Costs up and down the grid are expected to rise even further next year under new technical regulations for 2014, which include brand new turbocharged engines. The increase in costs has seen several teams trying to sure up investors for the future, but Webb says Marussia's backers are committed to keeping their team in the sport.
"Our investors have met with some incredulity the way F1 costs are run," Webb added. "They were not expecting to enter a spending competition but they have put us on a solid footing and we are secure for future."