Russia enters Formula 1 as company takes 'significant stake' in Virgin team

MOSCOW. November 11. KAZINFORM Russian sports car manufacturer Marussia Motors has acquired a "significant stake" in UK-based Virgin Racing to create a Russian Formula 1 team, Marussia's President Nikolai Fomenko said in an interview with RIA Novosti on Thursday. Kazinform refers to RIA Novorti.

"Now we can state with full certainty that we have our team in Formula 1," Fomenko said. "Of course, it was not an easy decision for us. I'm not entitled to disclose the contract value, but it's big money, believe me."

Starting from 2011, the team will be called Marussia Virgin Racing. Kazinform cites RIA Novosti. See www.en.rian.ru