McLaren joins Ferrari in helping Manor survive

Feb.26 (GMM) McLaren has joined fellow creditor Ferrari in helping the former Marussia team to survive.

Ferrari, owed millions by the struggling backmarker, has agreed to keep supplying its 2014-spec turbo V6 engine to the team reborn as ‘Manor’ for 2015.

McLaren, a separate technology partner, is also owed millions by Manor.

But the struggling team has come out of administration in the past days according to a Company Voluntary Agreement, under which creditors agree to be repaid over a longer period of time.

One of those creditors is McLaren, who like Ferrari will continue to support Manor.

“We have agreed to restructure our contract with the Manor team so that it may continue to benefit from affordable support, in keeping with contractual obligations,” a McLaren spokesman told GMM.

The spokesman, however, played down speculation McLaren’s grander plan may be to forge close ties in the Manor outfit, along the lines of Ferrari’s new ‘B-team’-like alliance with Haas.

“We are assisting the team (Manor)’s efforts to try to continue competing in formula one,” the McLaren official said, “but we have no plans to acquire any equity in the team or to increase our involvement with it in any way.”

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