Virgin Racing will change its name next year after it was confirmed that Marussia Motors has acquired a significant shareholding in the team, securing the new Formula One outfit's long-term future.
From next season, the team will be known as Marussia Virgin Racing.
Moscow-based Marussia Motors is not new to Formula One or to Virgin Racing – the Russian sportscar company, headed by ex-racer Nikolay Fomenko, has been a partner of Virgin Racing since the F1 team was launched in December 2009.
Virgin Racing was established at the end of last year when Manor Motorsport teamed up with WR Technology Limited (Wirth Research) and Virgin.
Virgin Racing's Chief Executive Graeme Lowdon said that this secures the future of the team on the F1 grid.
“This is definitely a good news story for Virgin Racing and for Formula One,” said Lowdon.
“Marussia Motors has been a much-valued team partner throughout the 2010 season and we are delighted to introduce them formally as the significant shareholder in Virgin Racing and a major force in the team's future.
“This announcement cements our place on the Formula One grid and is testimony to the hard work and dedication of every single member of our team.”
According to the team, there will be no change to the team's organisational structure as it prepares for its second F1 season.
Virgin Racing Team Principal John Booth says that the investment from Marussia gives the team the stability.
“I am extremely proud of what we have achieved with Virgin Racing in what is really only 16 months since the team was founded,” he said.
“I am delighted that the significant efforts of the team have been recognised and have attracted the commitment of Marussia Motors, which will enable us to move forward and deliver against our five-year target for success.”