The Marussia Formula 1 team is set to exit administration later this month through a Company Voluntary Arrangement, according to administrators.
The team went to administration after the Russian Grand Prix in October, and as a result missed the final three rounds of the championship.
Despite this, the team still lodged an official entry for the 2015 season, under the name Manor Grand Prix Limited, who first entered the sport in 2010 with the branding Virgin Grand Prix.
Marussia had planned an auction for all the major assets, including race cars and pit equipment, but this was cancelled at the last minute, signalling speculation that a rescue deal was being put 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,” 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.”
If a finalised deal is put in place to rescue the team, they will also be granted the prize money from 2014, where Jules Bianchi picked up the teams first ever points at the Monaco Grand Prix.
