Could last minute cancellation of auction offer hope for Banbury outfit?

The auction of the Marussia F1 team's infrastructure has been halted at the eleventh hour, thereby offering hope that a last minute deal might be done to save the team.

Whilst there was an auction in December, at which it is believed Haas F1 bought Marussia's Banbury HQ, the really important stuff was due to go one sale on Wednesday.

However, a brief comment on GA European Valuations website today says that the online auction has been cancelled, though no reason is given.

In December, Administrators for Marussia, FRP, admitted that there had been no "satisfactory" offers or strategy suggested which would allow the team to continue racing. However, team boss Graeme Lowdon has consistently held out hope, especially as much of the vital infrastructure is still in place.

Amongst the items due to go on sale on Wednesday were the 2014 race cars - which can still be used this season according to the FIA - along with all the necessary spares, components and pit equipment, not forgetting the all-important entry slot.

Attending the Zoom auction in London on Friday, Lowdon was still holding out hope though admitting that should Wednesday's auction go ahead it would mean the end of the team.

Today, revealing that the auction has been cancelled in order to allow talks to continue with a third party, John Booth told BBC Sport: "Postponing the auction gives us a bit more time to explore it.

When asked about his level of confidence that a solution might be found, he said "Pretty high", though he emphasised that time is of the essence and that any deal has to be agreed within "the next couple of weeks".

Marussia went down owing around £31m to a whole range of creditors including Ferrari, Pirelli and even £700k to former driver Timo Glock.

Fingers crossed.

Chris Balfe

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READERS COMMENTS

1. Posted by Vinicius, 20/01/2015 3:03

"I prefer not to see the Marussias 5s slower in 2015. Where is the customer cars idea? Was much better."

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2. Posted by fatlass123, 19/01/2015 17:03

"Hi Chris,
You are missing my point about the cars? I do not think a year old Marussia F1 car has or can add any value to Formula 1 in 2015. It would be cheaper for whoever buys the Marussia entry to sit out the 2015 season and pay any fines the organisers impose on them. They can then concentrate all their efforts into building a car that is not going to be, at best 4 or 5 seconds a lap off the pace. Hopefully then they can secure descent sponsors and secure jobs for the long term. Surly this would better for the team, the employees and Formula 1?"

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3. Posted by Joop deBruin, 19/01/2015 15:27

"Sadly there are few, if any, examples of dead teams brought back to life with any length of time, or success. Straight buyouts before the team is dead, yes (Honda>Brawn>Mercury just one of those), but name one that came back from death."

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4. Posted by Malbec, 19/01/2015 13:07

"Let's hope Marussia can find a buyer formula one needs feeder teams, just look what Minardi produced in the way of drivers that went on to greater things and let us not forget Marussia's Monaco result. Also it is not just about drivers but every aspect of employment, designers, mechanics, technicians etc all need the opportunity to to start on the bottom rungs of the ladder. "

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5. Posted by Editor, 19/01/2015 12:36

"@fatlass123

As the article clearly states, they still have the cars."

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6. Posted by fatlass123, 19/01/2015 12:11

"I think I must be missing something here???
What about the 2 day auction in December when all of the workshop, office and trucks were sold off?
When it says " the really important stuff" I take it they mean the entry?
There is nothing else left of any value! Including the cars!"

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Marussia auction cancelled

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