Russian sports car manufacturer Marussia Motors has relinquished ownership of its self-titled Formula One motor racing team and has ended its car making operations.

Spokesperson for the F1 team, Tracy Novak, told Russian news agency R-Sport that the change in ownership, which will see Marussia Communications assume control, will have no impact on the running of the Formula One operation. Marussia Motors took a majority stake in the then-Virgin Racing team in 2010 as the Russian company sought to market its B1 and B2 supercars to prospective buyers around the world.

However, Novak said the supercar projects were no longer operational. “The supercar project was ambitious, but it is disappointing that it was unable to get to market,” she said. “There is no impact whatsoever on the Formula One team’s operation.”

Novak added: “There is no link between the two companies (Marussia Motors and Marussia F1 Team) financially or technically. The F1 team has been an independent operation for some time. The F1 team has had a positive start to the 2014 season and looks forward to continued success in the pursuit of its racing ambitions.”

Marussia has been a perennial back-marker since entering F1 as one of three new teams in 2010. Fellow newcomer HRT exited the sport in 2012.

The news comes as Russia prepares to stage its first grand prix in Sochi on October 12.

source: sportbusiness