Breaking news
Formula 1
Marussia set to exit administration, hope to race in 2015
Against all odds, struggling team are aiming to race in the Australian Grand Prix
Adam Cooper
Edited: Feb 4, 2015, 10:27 AM
Copy link
Share on Viber
The team formerly known as Marussia have taken the first steps towards being on the Formula One grid in 2015, and they are set to come out of administration later this month.
It is understood that confirmation that the team will receive their payment for finishing ninth in the world championship last year has been the key factor in the rescue deal.
The FIA's World Motor Sport Council is set to confirm that the team can use its 2014 chassis, after the ruling body said last year that it would allow both Marussia and Caterham to do so, despite rule changes.
Marussia administrators FRP Advisory said in a statement on Wednesday the team would exit administration via Company Voluntary Arrangement.
Geoff Rowley of administrators FRP Advisory said: "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 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."
Rowley added: "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.
"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."
The Banbury factory, which was not actually owned by the team, has been acquired by Haas, so Marussia is likely to use its original base.
We want your opinion!
What would you like to see on Motorsport.com?
Take our 5 minute survey.
- The Motorsport.com Team
Read and post comments
Read also :
Share Or Save This Story
Copy link
Share on Viber
Previous article F1 to discuss 1,000hp engines on Thursday
Next article Kvyat admits Red Bull is “not where we need to be”
Top Comments
There are no comments at the moment. Would you like to write one?
View More & Comment
More from
Adam Cooper
RB: Tsunoda “mentally on a different level” in 2024
Formula 1
Formula 1
Japanese GP
RB: Tsunoda “mentally on a different level” in 2024
Andretti planning F2 and F3 entries to promote US talent to F1 team
Formula 1
Formula 1
Andretti planning F2 and F3 entries to promote US talent to F1 team
Andretti F1 team formally opens new Silverstone facility
Formula 1
Formula 1
Andretti F1 team formally opens new Silverstone facility
Latest news
Why McLaren gave team order to Oscar Piastri in F1 US GP
Formula 1
F1 Formula 1
United States GP
56 min
Why McLaren gave team order to Oscar Piastri in F1 US GP
Winners and losers from a frantic NASCAR Cup race at Talladega
NASCAR Cup
NAS NASCAR Cup
Talladega II
1 h
Winners and losers from a frantic NASCAR Cup race at Talladega
Herta endorses IndyCar’s international return with Barcelona while marveling at Palou’s dominance
IndyCar
Indy IndyCar 2 h
Herta endorses IndyCar’s international return with Barcelona while marveling at Palou’s dominance
Why Chase Elliott has removed his name from NASCAR's Most Popular Driver Ballot
NASCAR Cup
NAS NASCAR Cup
Talladega II
2 h
Why Chase Elliott has removed his name from NASCAR's Most Popular Driver Ballot
Feature
Discover prime content
Subscribe and access Motorsport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
You have 2 options:
- Become a subscriber.
- Disable your adblocker.
Subscribe now Already subscribed? Sign in here
Already disabled your adblocker?
Reload page
Manage Alerts
Subscribe