The Manor F1 team - formerly Marussia - has taken another major step towards a return to the F1 grid having entered a CVA with creditors.

The CVA (Company Voluntary Arrangement) was agreed this afternoon, as rival teams were busy testing in Barcelona - and will allow control of the team to be taken out of the hands of the administrators, FRP Advisory, and placed in the hands of the company's directors.

"We are pleased the financial restructuring of the company has been progressed after creditor approval of the CVA," said Geoff Rowley, joint administrator and partner at FRP. "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 under way to get a team back racing.

"It has been a long process and we would like to thank everyone involved to reach this milestone. 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."

Along with former bosses Graeme Lowdon and John Booth (pictured), former Sainsbury chief executive Justin King, previously tipped (by some) to replace Bernie Ecclestone as F1 boss, has joined the board, and it is his presence which went a long way to satisfying the creditors and getting the CVA approved.

While the Strategy Group recently killed any hope of the team taking to the grid with its 2014 car - even though this had previously agreed - the team, despite its small workforce and relocation to Dinnington in south Yorkshire, is understood to be working on a car built to the 2015 regulations. However, the car would not be ready in time for Melbourne.

Under the rules, the team can miss out up to three races, which means it could focus on entering the championship in Bahrain, though this would need the agreement of the Commercial Rights holder and the FIA.