Crisis at MF1 prompts sale rumours

[Vas]

Crisis at MF1 prompts sale rumours
Wednesday, 12, April, 2006
   

Speculation is mounting that Midland owner Alex Shnaider is looking to offload his MF1 Racing team amid a cash crisis and a lack of competitiveness.

Sporting director Adrian Burgess and two other senior staff left the Silverstone-based squad last week and team boss Colin Kolles is also rumoured to be considering his position.

MF1 has categorically denied that Kolles is on the verge of quitting.

But Shnaider is understood to have cut funding to the bare bones and team insiders have admitted the high turnover of personnel has left morale at a low ebb.

The Daily Telegraph reports that Kolles held emergency talks with F1 supremo Bernie Ecclestone last week to clarify the team’s status ahead of the imminent publication of the entry list for the 2008 world championship.

With 22 teams lining up to fill the 12 available places for ’08, Ecclestone is believed to have sought a firm undertaking from Midland that it has the necessary funds to proceed.

If he is unconvinced by this, the team’s entry application could be rejected its value to any potential buyer would then be massively diminished – hence the significance of the 28 April deadline.

Former BAR team owner Craig Pollock and Russian banking and vodka magnate Roustam Tariko have both been linked to a possible purchase of the team.

Pollock is among the 2008 F1 applicants while Tariko met with Shnaider last spring to discuss buying into the Midland team, prompting suggestions that the Canadian billionaire had lost interest in his F1 venture.

Those rumours subsided during the summer but the disappointing form of the team’s M16 chassis and the current financial problems mean that a new crunch point has been reached.

I feel sorry for TM and CA. And NK is Million% right! Is it not Common guys cheer up. We are about to slain the Bas*****

[vpk]

NK's Decision to shift to Williams was wise and his fears(if he was with Midland) that  not enough of develpment is proving  to be correct as with this news of  most of the senior officers leaving MF1.
          I too feeling Sorry for CA and reliable TM.
               Cheers to NK for such a good decision

[Vas]

MF1 has issued statement denying all the rumors about its state of affairs. :Thinking:

Very confusing indeed.

Where is Carlin?

Speculations all around about the first Russian Formula One Team the last few days. In view of recent media speculation regarding the future of the team, Midland F1 Racing wishes to issue the following statement.
"Over the past week, there have been a number of speculative rumours published in the media, none of which has any basis in fact. MF1’s general policy is not to respond to such unfounded rumours, but rather to concentrate on the job at hand. However, in this case we would like to make an exception, in order to re-assure the stakeholders in our team and to clarify the situation for the media. Beyond this, we have no further comment to make on this matter.

MF1 has adequate budget to take an active and competitive part in the championship this season and we are working hard to close the gap between ourselves and our competitors.Midland Group, our parent organisation, has confirmed that the team is not for sale and there are no proposals that this should change. As expected, various approaches have been made, especially in view of the large number of entries for the 2008 championship. Without exception, these have been rejected.Midland Group has also approved significant further investment in team infrastructure. We are therefore also pleased to announce that the project to upgrade our wind tunnel facility will begin very shortly. This will entail an increase in scale to 50%.The staff at the tunnel has been producing amazing results in recent weeks and the progress they have made has contributed greatly to our ability to push ahead. Everyone at MF1 is passionate about racing and we all want our cars to be faster and more stable at speed. We believe that the key to this - both today and in the future - is aerodynamics, and hence the priority given to the wind tunnel upgrade. When the modifications are complete, our Brackley facility will be 'state of the'.The personnel changes of the past week reflect the faith and appreciation we have in the skill and dedication of our remaining people. We do not know the source(s) of the current spate of negative rumours, but unfortunately it is often the case that false speculation appears in the media around the time that such changes are made. We wish it to be known that these changes occurred precisely because of the team’s faith in the capabilities and loyalty of our people, throughout the team and at our facilities. Since the acquisition of Jordan, some 15 months ago, the new owners have been impressed by the racing tradition embodied by the staff.

Colin Kolles, Managing Director "Personally, I would like to thank our staff, sponsors, partners and suppliers for their patience and understanding in recent weeks. In light of these positive developments, I am more determined than ever to drive us forward, toward the sharp end of the grid. To my detractors and those speculating about my 'imminent departure', I regret to say that I have been, and remain, too busy focusing on the interests of the team to consider any alternatives to my current position."

[sivakumar]

MF1 has issued statement denying all the rumors about its state of affairs :Thinking:

Very confusing indeed.

If moneyland has to become midlandf1 then this chavelsky has to leave the team. He probably developed the idea of giving Lot of test drive for the pay drivers and s*ked their finances in turn did nothing for the team PR wise.  He will say all he wants but the result he has so far produced is a big zero. Look at what midland is now after the first season in the same place if not lower than they performed last year.  Shame on them! they will definetly beaten by the Super Aguri team in the european season itself.  Midland has to get some other person if they want to survive.

[raul]

Clearly how awful the PR of mildand is for everyone to see.I believe Johny boy was recruited to handle everything thats related to PR,where the hell is he? :lol:

[Vas]

Clearly how awful the PR of mildand is for everyone to see.I believe Johny boy was recruited to handle everything thats related to PR,where the hell is he? :lol:

This makes me feel that he is a recruit to handle PR only during the race days. At other times may be Alex or Dentist will look after the job!

If not Johnny will be soon kicked out and he will find very difficult to get another job due to his poor performance at Midland!

PS: Johnny does not have brain on his own. He is a yes man who impressed Alex and got the job.

I remember the first think he did after joining is to go to press and tell what advise he has given to NK. [The advice looking almost identical with what Koles came up with but with subtle difference!]

[raul]

Exactly Vas,he doesn't have a say of his own,he is a puppet under  Chavski!