Virgin Racing has secured its long-term future after selling a major shareholding to Russian sports car manufacturer Marussia Motors. The team will become known as Marussia Virgin Racing, with the company already having been a partner of the team since its launch in 2009.
Virgin says the deal will not result in any significant changes to its organizational structure.
"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 Virgin magnate Richard 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."
Graeme Lowdon, CEO of Virgin Racing, said: "This announcement cements our place on the F1 grid and is testimony to the hard work and dedication of every single member of our team."
Marussia bills itself as "the first Russian manufacturer of premium class vehicles." It's sports car is available in two versions Marussia B1 and Marussia B2, which went on sale in Russia in September of this year.
Like the Virgin F1 cars, the Marussia sports cars are powered by Cosworth engines – a 3.5-liter normally aspirated powerplant and a 2.8-liter turbocharged engine.