Consulting
Frpadvisory
Full Credential Description
The Marussia F1 Team faced significant financial challenges, primarily due to a lack of funding from sponsorship and an unwillingness from its shareholder to inject further capital after unsuccessful attempts to sell the team. This situation led the directors to place the company into administration, as there were no viable options for continued operation without external investment. FRP, appointed as joint administrators, engaged in extensive discussions with potential investors to explore options for saving the team. Despite the challenging and the complexities introduced by the sporting regulations governing Formula One, FRP proposed a company voluntary arrangement (CVA). This solution was strategically designed to keep the company solvent, provide a better return to creditors than liquidation, and save more jobs than would otherwise be possible. The outcome of the CVA was successful; FRPs management of the process allowed the Marussia F1 Team to return to solvency and resume its participation in the Formula One World Championship. This not only preserved jobs but also ensured the continuity of the team in a highly competitive environment.