The full scale of the debt which led to the collapse of the Marussia F1 Team has been revealed in papers submitted to London’s High Court by the Banbury team’s administrators, FRP Advisory LLP.
The scale of the debt highlights just how much a number of key people and creditors have lost. The team owes a total of $54.86 million (£36.2 million) to cash and trade creditors, with a further $42.45 million (£28 million) in loans, which were secured with fixed and floating charges on the team’s assets.
The nature of the debt structure means that the secured creditors will be the only ones to get any money, subject to how and if the team’s assets are sold off.
There are number of big losers among the list of creditors, most notably Ferrari and McLaren, who will lose 25.28 million (£16.7 million) and $10.7 million (£7 million) respectively for supply of the Ferrari drivetrain and use of the McLaren simulator and wind tunnel. Pirelli is owed $1.5 million for its tyre supply in 2014.
Creditors also include former drivers and their associates: former driver Timo Glock is owed around $1 million in unpaid salaries, while Capsicum, the Chilton-owned family business which bankrolled Max Chilton’s drive at the team, is claiming $4.75 million – Capsicum was paying the team $10.7 million a season for the Brit to race for the team.
An estimation of Marussia’s assets (including facilities and intellectual property) amount to $9.5 million, however the team is only likely to raise $3.3 million. A known bidder for much of the material property is Gene Haas, owner and founder of the Haas F1 Team which will make its Formula 1 debut in 2016.
All up, when issued and called up capital is added in, the estimated final figure of the team’s liabilities is a staggering $294.39 million (£194.7 million), a figure that will scare away many prospective buyers looking to revive the team.
Marussia’s ninth place in the 2014 Constructors’ Championship standings put it on course for to earn $53 million in prizemoney payments in 2015, but the team would have to be on the 2015 grid in order to qualify for the payment.
Image via Auction HQ
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