Richard Branson backs Virgin Racing for 2011
As Formula 1’s Virgin Racing lies slack at the bottom of the constructor’s championship with 0 points, entrepreneur Richard Branson has vowed to continue his sponsorship of the team in 2011, in light of
fears that the team might collapse.
Virgin Racing, who are in their rookie season of the F1 calendar, were originally granted admission under the name Manor GP, but changed the title when the company faced financial meltdown and Branson
purchased an 80% share in the team. Since their first touch with the asphalt this season, Virgin Racing has failed to make any considerable impact, ranking the lowest out of the new teams Lotus Racing and HRT (Hispania). Yet they remain resilient, displaying
their commitment to striving for victory by their recent signing of test driver Jerome d’Ambrosio and releasing an official statement from Branson that confirms his future with the team.
“Yes, for sure [Virgin will commit,]” stated the 60-year-old tycoon.
“It’s been a fun season and we’ve still got to beat Lotus, and have a few more races to do it. [Technical director] Nick Wirth is back in the factory working on the car for next season, and I think we’ve
made a good start anyway.”
Also in a measure to increase revenue, Branson declared his willingness to share his Virgin logo with other sponsors and partners on the body of the car. “I suspect these guys seem to be doing quite well
on sponsorship for next year and if they do that, then more space will be taken up by outside sponsors. But that is a positive thing,” he pointed out.
“We obviously hope to be able to keep Virgin on the back of the car but ultimately it is up to these guys how many sponsors they get.”
Branson, who has lead several successful world class business ventures since his late teens, remains grounded about his expectations for the team. Though having fruitful aspirations, the businessman understands
the virtue of patience and persistence in any industry, and recognizes the value of surviving an inaugural F1 year.
“As I said at the beginning of the season, we knew we were going to be the underdogs again, and we went into it with our eyes open and it is fun building a new team from scratch. I think the team are delivering
what they have promised on reliability and so on. The amount of money this team is spending is maybe £20 million less than Lotus. So to be almost matching them car for car is great, and our reliability has been better.”
He added, "We didn't spend much money [with Brawn GP] last year and we haven't spent much money this year. The Virgin brand is strong and it attracts other sponsors, so people want to be involved with
the Virgin cars. It has worked well for us both years. Obviously the coverage was more when you are winning, but we were just ridiculously lucky last year [having won both constructor’s title and driver’s championship with Jenson Button] and don't get many
of those in a lifetime.”
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