Marrusia’s F1 return given a boost

Date published: February 4 2015

Marussia's hopes of making it onto the 2015 F1 grid have been given a boost after it was announced the team are to come out of administration.

The Banbury squad missed the final three races of last season after they went into administration in October before ceasing trading in November with more than 200 employees made redundant.

However, the team are determined to take part in the 2015 Formula 1 season and their administrators have announced they will exit administration later this month via a Company Voluntary Arrangement.

"Since the appointment of administrators negotiations have taken place with a number of parties to try and secure a long-term solution for the team," said Geoff Rowley, joint administrator at FRP Advisory.

"We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season.

"It is envisaged that, prior to the commencement of the first race of the 2015 season, investment into the business will be made upon the company exiting from administration via a Company Voluntary Arrangement, which is planned for 19 February 2015.

"A CVA is a restructuring process agreed with the company's creditors which allows for a turnaround of the business and the creation of a longer term viable solution for the team.

"Given the confidential nature of the negotiations underway we are unable to provide further details.

"The joint administrators would like, on behalf of Marussia F1 Team, to thank all involved with the team for their support during this process."

Reports also claim that the team have paid their 2015 entry fee and are hoping to make a return as Manor GP.