Marussia to exit administration, could still race in 2015

Motor Racing - Formula One World Championship - Australian Grand Prix - Practice Day - Melbourne, Australia

The former Marussia team will exit administration on February 19 via a Company Voluntary Arrangement, according to its administrators, and could still race again.

The Banbury-based squad slipped into administration ahead of last year’s United States Grand Prix, and missed the final three races of the season.

The team formally ceased trading in November, but talks to save the beleaguered outfit continued behind the scenes, led by former bosses John Booth and Graeme Lowdon.

A planned auction of Marussia’s final assets was cancelled last month, and the team still has a provisional place – as Manor – on the 2015 Formula 1 entry list, offering hope that the team can still compete this season as negotiations with investors continue.

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.”

Marussia finished ninth in last year’s constructors’ championship, thanks to the two points scored by Jules Bianchi at the Monaco Grand Prix.

Image courtesy of Marussia F1 Team

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