19/01/2015
NEWS STORY
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