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Marussia Inks Sponsorship Deal

Tail-enders Marussia hope to take advantage of Russia's growing interest in Formula One and boost their tight budget after signing a sponsorship deal with a Russian betting company on Thursday.

Andy Webb, CEO of the Russian-licensed team, did not reveal the financial details of the one-year deal with Liga Stavok (Betting League) but saw it as just the start of many good things to come.

"Everyone knows that we have the smallest budget of all the teams in Formula One, and quite frankly, I'm proud of that," Webb said after formally signing the contract in a luxury central Moscow hotel.

"It costs us £1.25 million [$1.89 million] per week just to stay in Formula One, to maintain this level. Obviously if you want to move up you need a much bigger budget," he said.

(Reuters)

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