GLIMMER OF HOPE: Marussia, reborn under the name Manor GP, hopes to race in 2015 provided the team can prepare its new car and resolve its financing. Image: AFP / Alexander Nemenov
LONDON, England - Marussia moved a step closer to returning to the Formula 1 grid on Thursday (Feb 19 2015) after creditors approved a move allowing it out of administration.
Administrators FRP Advisory said a "company voluntary arrangement" agreed to allow control of Manor Grand Prix Racing, which traded as Marussia F1, to be passed back to its directors.
It said: "The financial restructuring creates a platform for the company to continue with its plans to participate once again within Formula 1."
Neither details of the restructuring nor the investors were provided although former team boss John Booth and sporting director Graeme Lowdon are known to be involved. Media reports indicated that former Sainsbury's chain stores' CEO Justin King, whose son Jordan is competing in the GP2 feeder series this season, is also part of a consortium to revive the team's fortunes.
Marussia, ninth in the 2014 championship, sank into administration in October 2014 and missed the final three races of that year. It still has big hurdles to overcome with a car to be built and the season starting in Australia on March 15.
Rivals have blocked a proposal for it to be allowed to use 2014's cars. It can, however, miss three races which would allow it to start the season in Bahrain in mid-April 2015.
Administrator Geoff Rowley said the team had taken a step forward. "With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing.
"We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the company from administration over the next few days."