The Russian sports car manufacturer Marussia has bought a significant stake in the Virgin F1 team.

The news was announced at a special press conference in in Abu Dhabi this morning ahead of this weekend's season finale.

As part of the multi-season deal - which will see the team renamed Marussia Virgin Racing - Virgin will maintain its investment with the existing owners and management remaining unchanged.

The deal - which came about due to Marussia's links with Cosworth - will see the Russian company provide financial and engineering assistance though there will be no significant change to the technical budget.

While there are no plans for a Russian driver in the team in 2011 this could change in 2012. Russia is due to host its first ever round of the Formula One World Championship in 2014.

More to follow

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Marussia buys "significant stake" in Virgin team

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