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GP Week : Issue 217
F1 >>> BUsinEss McLaren for providing wind-tunnel and simulator services and £15.2m to Ferrari for supplying the team’s V6 engines. However, further down the list of creditors come companies with far lower resources. Hospitality firm Freeman’s is owed £959,984.88 meaning that it will get just £12,115.01. That’s a loss of £947,000. Think about that for a moment before lamenting Manor ’s failed efforts to race in Australia. Transport firm Circuit 2 Circuit is due £114,126.40 but will only get a paltry £1,440.28 whilst hospitality expert Lynden Swainston will be paid just £651.77 of the £51,645.84 she is owed. Formula Medicine, the physiotherapy firm run by Robert Kubica’s former doctor Riccardo Ceccarelli, has not been paid £34,028.38 and will only get £429.39. There are many many more casualties. The irony is that many members of the media applauded Manor ’s attempt to get to Australia. One claimed that that team’s story “gives everyone hope.” Tell that to the creditors who won’t be seeing 99% of the money they are owed. Having caused financial grief to so many companies at the core of the sport it could be argued that Manor should not have been welcomed, by the F1 community. Ironically, the team’s sole secured creditor may not be so lucky. Manor has a secured debt of £25.4m which was originally payable to Lloyds Development Capital (LDC), the private equity division of British bank Lloyds. LDC provided the funding to set up the team in 2010 and became its majority shareholder. Its performance spluttered on track and the team scored just two points since joining F1. They gave it an estimated £35.4m ($52.2m) in prize money which is due to be paid this year. Although LDC eventually sold its 39 GPWEEK.com // 39 GPWEEK.com // PARTNERS: