Marussia in talks with investors, as auction of team’s assets cancelled

Motor Racing - Formula One Testing - Bahrain Test Two - Day 1 - Sakhir, Bahrain

Marussia could still yet return to the Formula 1 grid in 2015, after administrators cancelled the planned auction of the team’s final assets.

The Banbury-based team entered administration in October last year and missed the final three grands prix of the season.

A late effort to get Marussia to the 2014 season-ending Abu Dhabi Grand Prix collapsed, but team bosses Graeme Lowdon and John Booth have continued to look for a deal to save the outfit, which remains on the 2015 entry list under the name of Manor.

While a deal to save Marussia is still yet to be finalised, talks with a group of new investors are reportedly at an advanced stage, promising enough to cancel a planned auction of the team’s final assets on Wednesday.

“A planned auction of the Company’s remaining assets due to commence on Wednesday 21 January 2015 has been halted to allow for discussions to continue with a third party,” read a statement released by the team’s administrators, FRP Advisory.

The planned auction was set to include Marussia’s 2014 race cars, as well as spare parts and essential team equipment, without which it would have been impossible to continue racing.

If a deal is concluded, Marussia would still need to gain the approval of the FIA World Motor Sport Council to run its 2014 car in 2015, as it would be unable to prepare a new car before the upcoming season.

While Marussia remains an attractive prospect to investors, owing to the £26m it is expected to pick up as prize money for the 2014 season, any potential buyer would need to undertake a serious recruitment drive ahead of a 2015 campaign, with many of the team’s former personnel having found jobs elsewhere.

Marussia collapsed with £31m worth of debt, with former-engine partner Ferrari owed over £16m.

This article first appeared on Richland F1 – This Image courtesy of Marussia F1 Team

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