- Marussia
Marussia takes step towards F1 return
Marussia's administrators have announced the team will come out of administration on February 19 with the aim of taking part in the 2015 season.
Marussia entered administration ahead of the US Grand Prix last year after Russian backer Andrey Cheglakov ceased funding the team. It still has an entry to the 2015 championship and started designing, although did not build, a car to take part this year.
However, the latest news suggests Marussia - or Manor as it is named on the 2015 entry list -could still line up on the grid in Melbourne with new backers in place.
"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," a statement said. "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 ("CVA"), 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."
A planned auction of some of the team's assets was cancelled last month, although other assets were sold at previous auctions. The team has also relocated back to Dinnington after its F1 base in Banbury was sold to 2016 entrant Haas last year.
Marussia would have to receive agreement from its rivals if it is to run a 2014 car next year. That could prove tricky given that the team's disappearance at the end of last year sent shockwaves through the F1 community, not least when suppliers - owed money by Marussia - understandably asked for payments ahead of this season. It remains to be seen if Marussia's rivals have the appetite for its return and a decision is likely to come at Thursday's meeting of the F1 Strategy Group.
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