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McLaren and Ferrari helping Manor survive
McLaren has joined forces with fellow creditor Ferrari in assisting the former Marussia team to survive and carry on in Formula 1. Ferrari, owed millions by the struggling backmarker, has agreed to keep supplying its 2014-spec turbo V6 engine to the team reborn as ‘Manor' for 2015. McLaren, a separate technology partner, is also owed millions by Manor. But the struggling team has come out of administration in the past days according to a Company Voluntary Agreement, under which creditors agree to be repaid over a longer period of time. One of those creditors is McLaren, who like Ferrari will continue to support Manor. 'We have agreed to restructure our contract with the Manor team...
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10y ago from GrandPrix247.com
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