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Marussia takes stake in Virgin
ABU DHABI - Russian supercar maker Marussia Motors has taken a significant shareholding in Virgin Racing and will become the team’s title sponsor in 2011, the Formula One newcomers announced on Thursday.
No financial or stakeholder details were given at the Abu Dhabi Grand Prix but Virgin Racing boss John Booth said the four-year sponsorship deal was substantial and had secured the team’s future.
He said Virgin would remain a British team.
“It is a significant investment, not a takeover,” he said. “The board structure stays pretty much the same and the management stays the same. And a takeover is not what they are looking for, they are looking to help the team grow.
“It makes us secure for four years, to 2014 which is when we go to Sochi,” added Booth. Russia is due to host a grand prix for the first time at the Black Sea resort that will also host the Winter Olympics in the same year.
“It allows us to be a little more ambitious in our planning.”
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