Marussia eyeing comeback as Manor

Published: Wednesday 4th February 2015 by The News Editor

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The team formerly known as Marussia have taken a step closer to appearing on the Formula One grid this season.

Marussia went into administration towards the end of last season, missing the final three grands prix of the campaign in the United States, Brazil and Abu Dhabi.

Behind the scenes talks have continually taken place in the hope the team, down on the FIA entry list for this year as Manor, would emerge from the ashes of its demise.

Last month those hopes were raised slightly when a planned auction of Marussia’s assets was cancelled to allow for discussions to continue with a third party.

Those discussions remain ongoing and appear to be drawing towards a fruitful conclusion that would see the team compete this year, albeit using the 2014 car.

Crucially, it is planned for Marussia to exit administration on February 19 via a Company Voluntary Arrangement (CVA), which is a key positive move towards salvation.

From there the team could then plan for the opening race of the year on March 15 in Australia.

Geoff Rowley, joint administrator, and partner at FRP Advisory, said: “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.

“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.”

Published: Wednesday 4th February 2015 by The News Editor

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