The Manor Marussia team has confirmed it intends "to return to Formula 1 in time for the start of the season," according to Andrew Benson of the BBC.
The team "went into administration in October" but has "secured investment" from energy firm Ovo CEO Stephen Fitzpatrick. Former Sainsbury's CEO Justin King "has joined as interim chairman."
He said that "he was confident that Manor had 'the right people, the right values and sheer hard work' and would be 'competitive at the highest level.'" King "is not financially involved in the team but will take a leading role on the business side of the operation."
Manor Marussia has announced Englishman Will Stevens "will be one of their drivers and said a deal to sign the second would be completed soon." The team's new car, a modified version of the '14 model, "must pass F1's mandatory crash tests before they can race at the season-opening Australian Grand Prix in Melbourne" from March 13-15 (BBC, 3/4). BLOOMBERG's Alex Duff reported Fitzpatrick "reached an agreement with creditors last month." Fitzpatrick said that "the investment was a 'personal venture' not linked to the company." Fitzpatrick: "I’ve always had a passion for Formula One and I’m proud to have been able to help to rescue Manor over the past few months" (BLOOMBERG, 3/4). In London, Daniel Johnson reported they say to make a small fortune in F1 "you need to start with a large fortune." Fitzpatrick "has clearly taken heed of that phrase," throwing in £30M ($46M) of his own money "to save the beleaguered outfit." Fitzpatrick, who was named the "entrepreneur of the year" in '14, "is a self-confessed fan and jumped at the chance to get involved in Formula One." Fitzpatrick added that the team "will stick to the budget of previous years" -- just more than £60M -- and "he had no intention of spending any more" (TELEGRAPH, 3/4).
