Marussia has been a partner of Virgin Racing since the team's launch in 2009, but it held only a minority stake in the squad. The announcement today did not reveal how much of Virgin Racing is now owned by the Russians (is only says that Marussia bought a major shareholding), but it did state that the new deal has been signed for multiple years. Additionally, the team will change its name into Marussia Virgin Racing.
“Our first year in Formula 1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession,” said Virgin chief Richard Branson during the press conference, as reported by autosport.com.
“Virgin is delighted to have secured a partner which shares our vision and spirit for challenging the establishment and we look forward to working together to move the team up the F1 grid,” he added.
Virgin Racing's twitter account issued several messages this morning, sharing info on the new deal. One valuable news is that the management of the team will remain the same, while the squad will continue to be based in Dinnington.
“This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every single member of our team,” added Graeme Lowdon, CEO of Virgin Racing.