Russian carmaker buys stake in Virgin F1 team 11/11/2010 |
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Formula 1 team Virgin Racing has sold a "significant stake" to Russian carmaker Marussia Motors.
The team will be rebranded as Marussia Virgin Racing in 2011 and its new car is set to be launched in Moscow.
Virgin team boss John Booth said: "It's massive. The future was solid but this makes us secure for four years."
The team will continue its relationship with Richard Branson's Virgin brand, which joined as title sponsors in 2009.
The British tycoon signed a three-year title sponsorship deal with the rookie team last December, which saw Sheffield-based Manor Motorsport rebranded as Virgin Racing.
Branson said of the new deal: "Virgin is delighted to have secured a partner which shares our vision and spirit for challenging the establishment."
The team's new partnership is headed by Russian Top Gear presenter and racing driver Nikolay Fomenko.
His company, Marussia Motors, has acquired an undisclosed shareholding in the team with a view to furthering Russian involvement in F1 ahead of the Russian Grand Prix, which is due to make its debut on the calendar in 2014.
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