04/02/2015
NEWS STORY
Administrator for Marussia says the company will "exit administration" later this month as talks continue with interested parties.
The British outfit went into administration in October and appeared doomed, however, behind the scenes administrators FRP Advisory have been working frantically in an attempt to save the team.
Today, as the opening pre-season test draws to a close at Jerez, joint administrator, Geoff Rowley, a partner at FRP Advisory, issued the following statement:
"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."
While there is still a long, long way to go, and the team would need to run its 2014 car, it would appear that there is some hope for the outfit which had already endured more than its fair share of tragedy during its short history, what with the accidents that befell Maria de Villota and then Jules Bianchi.
Ironically, whilst Marussia appeared doomed at the end of last season, it was rivals Caterham, who used a crowd funding project to attend the season finale in Abu Dhabi, that seemed most likely to survive.
Fingers crossed.