F1: Marussia could be back on the grid for opening race

The Marussia headquarters in Banbury
The Marussia headquarters in Banbury

With the new Formula 1 season coming up next month, talks are ongoing to get Banbury’s Marussia team back on the grid for the opening Australian Grand Prix.

Marussia went into administration in October before being wound-up at the end of the year with 200 staff being made redundant. But they could come out of administration later this month if a deal can be done.

The remainder of the team’s assets were due to be auctioned off last month but that auction was cancelled as talks continued.

Geoff Rowley, joint administrator and partner at FRP Advisory, said: “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 (CVA), which is planned for February 19, 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.”