Ferrari, McLaren take a hit from Marussia collapse

Ferrari and McLaren stand to lose millions as a result of the collapse of the Marussia Formula One team, the Sunday Telegraph newspaper reported. It said documents from administrators FRP Advisory dated December 18 showed that Ferrari, Formula One's oldest and most successful team, were owed 16.6 million pounds ($25.81 million) for engines supplied.
McLaren, who had a technical partnership with Marussia, were owed 7.1 million pounds ($11.04 million).
The newspaper said Lloyds Development Capital (LDC), the private equity division of taxpayer-owned Lloyds Banking Group, was owed 13.2 million which was secured on all of Marussia's assets, unlike money owed to more than 200 other creditors.
FRP managing partner Geoff Rowley was quoted as saying LDC had priority over other creditors but the estimated payout was unlikely to exceed 1.6 million pounds.