Simtek (Simulation Technology) was an engineering consultancy firm and Formula One racing team. The Formula One (F1) engineering consultancy arm, Simtek Research, was founded in 1989 by Max Mosley and Nick Wirth. It originally was involved in many areas of Formula One, including wind tunnel construction and chassis building for third parties. Simtek Grand Prix, the racing team, launched in 1993 and competed in the 1994 and 1995 seasons achieving a best result of ninth place. With large debts and a lack of sponsorship money, Simtek went into voluntary liquidation in June 1995.
At Monaco, neither driver completed a lap of the race due to another gearbox failure on Verstappen's car, and the marshals failing to recover Schiattarella's car after the first aborted race start. Following the race Wirth wrote, in one of his regular Usenet newsgroup postings, that "a major new backer of the team, with whom I had signed a contract before the season, has finally pulled out and left a large hole in our finances".[10] Wirth frantically tried to convince potential sponsors to come forward, threatening to shut down the team if none did so.[11] In the event a sponsor could be found, existing sponsors MTV, Russell Athletic and Korean Air pledged to increase their own sponsorship commitments. The team did not appear at the Canadian Grand Prix, but were not fined by the sports commercial rights holders, FOM, for their absence. The CEO of FOM, Bernie Ecclestone agreed that the team entered the championship intending to compete in 16 races and as the championship was extended to 17, they were permitted to miss one race.
Negotiations with the potential backers and sponsors failed, and the companies that would pay for Hideki Noda to drive the Simtek were severely affected by the Kobe earthquake. Prior to the next race, Simtek Grand Prix went into voluntary liquidation and the receivers, Touche Ross, were called in.[12] The collapse of the Formula One team also forced Simtek Research to declare itself bankrupt.[13] In total, 48 jobs were lost and with the team unable to be sold as a going concern, Simtek's assets were auctioned off.
At Monaco, neither driver completed a lap of the race due to another gearbox failure on Verstappen's car, and the marshals failing to recover Schiattarella's car after the first aborted race start. Following the race Wirth wrote, in one of his regular Usenet newsgroup postings, that "a major new backer of the team, with whom I had signed a contract before the season, has finally pulled out and left a large hole in our finances".[10] Wirth frantically tried to convince potential sponsors to come forward, threatening to shut down the team if none did so.[11] In the event a sponsor could be found, existing sponsors MTV, Russell Athletic and Korean Air pledged to increase their own sponsorship commitments. The team did not appear at the Canadian Grand Prix, but were not fined by the sports commercial rights holders, FOM, for their absence. The CEO of FOM, Bernie Ecclestone agreed that the team entered the championship intending to compete in 16 races and as the championship was extended to 17, they were permitted to miss one race.
Negotiations with the potential backers and sponsors failed, and the companies that would pay for Hideki Noda to drive the Simtek were severely affected by the Kobe earthquake. Prior to the next race, Simtek Grand Prix went into voluntary liquidation and the receivers, Touche Ross, were called in.[12] The collapse of the Formula One team also forced Simtek Research to declare itself bankrupt.[13] In total, 48 jobs were lost and with the team unable to be sold as a going concern, Simtek's assets were auctioned off.
