( CNN ) -- Russian carmaker Marussia Motors has bought a significant shareholding in the Formula One team Virgin Racing , meaning the team will be renamed `` Marussia Virgin Racing '' for the 2011 season . The rookie team -- who made their Formula One debut this season -- will continue their relationship with Richard Branson , the British businessman whose company created Virgin Racing by signing a sponsorship deal with Manor Motorsport in 2009 . The rebranded outfit 's car for the 2011 season will be unveiled in Moscow ahead of next season , and Virgin 's chief executive Graeme Lowdon hailed the deal as good news for his team and for the sport . `` This announcement cements our place on the Formula One grid and is testimony to the hard work and dedication of every single member of our team , '' Lowdon told the team 's official website . Marussia Motors was founded in 2007 , and the super car manufacturer -- which has worked as a partner to Virgin during its inaugural season -- hopes the move will help build its reputation . Blog : Vettel win ushers in new era . `` This is the realization of a dream for us '' , said Nikolay Fomenko of Marussia -- who is also a former racing driver -- on the company 's website . `` [ We will ] demonstrate to the world that a new car manufacturer has arrived from Russia with truly international ambitions . '' This news comes as a further boost to Formula One in Russia , after last month 's announcement that the Black Sea resort of Sochi will host a grand prix from 2014 onwards . Vitaly Petrov , Russia 's first ever Formula One driver , has also made a decent impact in his first season in the sport , accruing 19 points so far this year for his Renault team . Virgin are yet to pick up a drivers ' or constructors ' point in 2010 , with only this weekend 's Abu Dhabi Grand Prix remaining in the calendar .
Marussia Motors has bought a significant shareholding in the Formula One team Virgin Racing . The team will be known as Marussia Virgin Racing from 2011 onwards . Their car for the new season is set to be unveiled in Moscow .