Marussia takes significant stake in Virgin F1 team

Moscow: Russia`s Marussia Motors has taken a significant shareholding and will become title sponsor of the Virgin Racing Formula One team next season, they announced on Thursday.

No financial details were given but team principal John Booth said the four-year deal was substantial and secured the team`s financial future.

"It is a significant investment, not a takeover," he told Reuters after a news conference at the season-ending Abu Dhabi Grand Prix.

"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.

Virgin are one of three all-new teams this season and have yet to score a point in 18 races.

Marussia, a sportscar company founded in 2007 by racing driver Nikolay Fomenko, launched their first supercar at the 2009 Frankfurt Motor Show and are now gearing up for full-scale production.

Bureau Report