New hope for ailing F1 team Marussia

Reuters News
Posted: Feb 04, 2015 6:29 AM

LONDON (Reuters) - Troubled Formula One team Marussia could yet start the new season after administrators said discussions were under way to secure its financial future.

"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," Geoff Rowley, joint administrator and partner at FRP Advisory, said in a statement on Wednesday.

"We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season."

Rowley and Geoff Carton-Kelly, partners in the specialist restructuring and advisory firm, were appointed as administrators to Manor Grand Prix Racing Ltd, which trades as Marussia, in October.

The statement said Marussia would come out of administration on Feb. 19 via a Company Voluntary Arrangement (CVA) in agreement with the team's creditors.

"Given the confidential nature of the negotiations underway we are unable to provide further details," the statement said.

Hopes of reviving the team were raised last month after an auction of their cars and equipment was postponed to allow talks with a potential new investor.

Marussia were one of two teams that went into administration in October, with tail-end rivals Caterham also missing two races but returning for the finale.

(Reporting by Martyn Herman; editing by Amlan Chakraborty)