British-Indian brothers Baljinder Sohi and Sonny Kaushal are in negotiations to rescue the beleaguered Marussia F1 Team following confirmation the outfit has gone into administration.
Marussia became the second team in just over a week to declare bankruptcy and will miss the United States Grand Prix alongside closest rival Caterham, which has also confirmed it won’t be present at the Brazilian GP either.
The brothers, who made their money in the steel industry, are close to securing a deal according to Sohi, with a reported £55 million ($89m) offer on the table.
“We are very close to a deal,” he told the Telegraph’s Daniel Johnson. “But it has to be the right price. We have put in a serious offer and we will see what happens.”
The negotiations are ongoing, but it’s believed current owner Andrei Cheglakov is holding out for upwards of £65m ($105m) which includes covering the team’s current debt which stands at £30m ($48m).
According to various sources, the brothers are serious about taking over the team and ensuring it competes in 2015.
At present, Marussia lie 9th in the constructors’ standings and are set to land almost £40m ($65m) in prize money, compared to just £6m ($10m) for finishing in last in 2013.
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