Virgin bag new investment for 2011

- Published on Nov 11th, 2010 by Jack Lamure

Virgin Racing's long-term future is looking brighter today with the team announcing big money investment from Russian car manufacturer Marussia Motors. The company has been involved with Virgin since they launched late last year, with their logos visible on the cars of Timo Glock and Lucas di Grassi.

Marussia have bought a shareholding in the team, who will be known as Marussia Virgin Racing in 2011, though Virgin chief Richard Branson says this won't result in any changes to the way the operation is run.

"Our first year in Formula 1 was always going to be tough - even more so as we were launching in the midst of a worldwide recession," said Branson.

"Virgin is delighted to have secured a partner which shares our vision and spirit for challenging the establishment and we look forward to working together to move the team up the F1 grid."

Meanwhile team boss John Booth was very positive about the new deal.

"It is massive," said the Yorkshireman. "We had security anyway, but it allows us to be a bit more ambitious in our planning. On the technical side there are lots of exciting things happening. It won't happen immediately but it will happen as the year goes on."

Here's hoping the extra investment gives Virgin what they need to move up the grid in 2011.