Marussia in talks with investors after big financial loss

Nov.1 (GMM) Marussia is in talks with potential investors after recording a $79 million loss last year, according to business journalist Christian Sylt.

Writing in the Guardian, Sylt quoted the backmarker Formula One team’s chief executive Andy Webb as saying bosses are “in active discussions with potential new investors”, and also seeking new sponsorship deals.

Webb added that some of the talks are “well advanced although not yet completed, so the outcome of each remains uncertain”.

He said the team’s costs had risen because of “significant investment in the team’s personnel, infrastructure and factory”.

Sylt estimated Marussia’s value at about $72 million, and said the team owes $125 million in loans.

The team is however expected to reap millions in Concorde Agreement income, if it can maintain its lucrative tenth place in the 2012 constructors’ points standings.

Subbed by AJN.