Former Sainsbury CEO Justin King "is leading a consortium trying to save the bankrupt Marussia team with a multi-million pound investment that could put them back on the grid this season," according to Kevin Eason of the LONDON TIMES.
King, whose son Jordan "is expected to take his place on the grid for GP2," the F1 feeder series, this season, "emerged as the name behind a consortium negotiating with administrators." The ex-CEO of J Sainsbury, one of Britain’s biggest supermarket chains, "was at one time named as a potential successor" to F1 CEO Bernie Ecclestone. Now, according to reports, "he is anxious to find a way into the sport as a team owner."
Negotiations "are still going on and loose ends have to be tied up," including restructuring repayment of £31M ($47M) worth of debt (LONDON TIMES, 2/4). SKY NEWS' Mark Kleinman reported talks about the deal "are ongoing," and it is possible that King’s bid "could falter," a source cautioned.
F1 insiders confirmed, however, that "he was playing a leading role in efforts to inject new money into Marussia, which would be likely to be renamed Manor Grand Prix ahead of the 2015 F1 season." The identity of the other financial investors with whom King is working "was unclear on Wednesday," but he is understood "to have joined forces" with Marussia CEO Graeme Lowden and Team Principal John Booth. A source said, "These are serious, heavyweight individuals. Their plan is to revive a high-quality British racing ethic and brand-name" (SKY NEWS, 2/4). In London, Paul Weaver reported Marussia’s path back to F1 "could be blocked by the other teams" which want a share of its £40M prize money for finishing ninth last season.
The team is "due to emerge from administration" on Feb. 19 by entering into a Company Voluntary Arrangement. King is said "to be close to completing a deal though Marussia would have to compete this season using last year’s car." That "is allowed under the rules of F1, but only if the other teams agree." The "trouble is that in the dog-eat-dog world of F1 other teams are casting covetous eyes" on that £40M and at least one team "has made it known that they are not willing to let Marussia take part." Marussia "will get an idea about their chances after Thursday’s meeting of F1’s Stategy Group." If that goes against Marussia, its best chance would rest with Ecclestone "brokering a deal between everyone." If that fails, Marussia "will go under for a second and final time" (GUARDIAN, 2/4).
MAJORITY NEEDED: Also in London, Daniel Johnson reported it "marks an astonishing turnaround for a team many did not give much of a hope when they fell into administration last October, missing the final three races of the 2014 season." Execs at the team "have been optimistic throughout but hopes were raised dramatically last month when a planned auction of parts was cancelled." Central to the revival "has been negotiating with the team’s principal creditor, Ferrari," which was owed millions for the engines it supplied last year (TELEGRAPH, 2/4). The PA wrote Force India appears "to be the team most in trouble," as it failed to show in Jerez.
The belief is if Marussia does not return this year "then the money they would have claimed will be split among" Lotus, Sauber and Force India, just less than £9M ($14M) each.
Force India has a seat on the Strategy Group which also comprises the five top teams in Ferrari, Mercedes, Red Bull, McLaren and Williams, along with the FIA and Ecclestone. Each team "has one vote, while the FIA and Ecclestone have six apiece and a simple majority is needed to either pass or block the motion, with the early indication being the latter will arise" (PA, 2/4).
READY TO GO: The BBC's Andrew Benson reported Force India insisted that "there is no chance they could miss the start of the season despite serious delays in the preparation of their new car." The team "missed this week's first pre-season test in Jerez," and now said that "it is unlikely their 2015 car will be ready for the next session."
But a spokesperson said that the team would be in Barcelona from Feb. 19-22, "probably in their 2014 car" (BBC, 2/4).
