News Details
Ferrari, McLaren take a hit from Marussia collapse
Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula One team, the Sunday Telegraph newspaper reported.
It said documents from administrators FRP Advisory dated Dec 18 showed that Ferrari, Formula One's oldest and most successful team, were owed 16.6 million pounds (S$34.2 million) for engines supplied.
McLaren, who had a technical partnership with Marussia, were owed 7.1 million pounds.
The newspaper said Lloyds Development Capital (LDC), the private equity division of taxpayer-owned Lloyds Banking Group, was owed 13.2 million pounds, which was secured on all of Marussia's assets, unlike money owed to more than 200 other creditors. (Reuters)
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10y ago from ThisIsF1.com
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