The Marussia F1 Team is seeking fresh investment after it made a £49 million loss during the 2011 season, the Guardian reports.
The team, which is part owned by Russian supercar company Marussia and the Lloyds Banking Group, is reportedly looking to raise funds through investment and sponsorship to ‘keep the wheels turning.’
Chief executive Andy Webb told the newspaper that they are “in active discussions with potential new investors in the business and also pursuing other sources of income including potential sponsorship.”
He added that some sources of new revenue were “well advanced, but not yet completed.”
The team is reportedly worth in the region of £45 million, about a quarter of the value of the publicly-listed Williams outfit.
It’s losses are expected to rise to £75 million this season following significant investment in team personnel, infrastructure and its factory.
However, a large portion of this will be offset if it can maintain its tenth position in the Constructors’ Championship – a position which would reward the team with upwards of £40 million in prize money compared to the standard £10 million for finishing 11th or 12th.
Further income may come from the rumoured hiring of Max Chilton. The British GP2 driver will drive for the team during the Abu Dhabi Young Driver Test this season and looks set to replace Charles Pic.
