Marussia creditors approve exit from administration

Reuters News
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Posted: Feb 19, 2015 12:15 PM

By Alan Baldwin

LONDON (Reuters) - The former Marussia Formula One team moved a step closer to returning to the grand prix grid on Thursday after creditors approved a move allowing them to come out of administration.

Administrators FRP Advisory LLP said in a statement that a Company Voluntary Arrangement had been agreed to allow control of Manor Grand Prix Racing, which traded as Marussia F1, to be passed back to directors.

"The financial restructuring creates a platform for the company to continue with its plans to participate once again within Formula One," they added.

No details of the restructuring, or investors, were provided although former team boss John Booth and sporting director Graeme Lowdon are known to be involved.

Media reports have indicated former Sainsbury's chief executive Justin King, whose son Jordan is competing in the GP2 feeder series this season, is also part of a consortium to revive the team's fortunes.

Marussia, who were ninth in the 2014 championship, sunk into administration in October and missed the last three races of the campaign.

They still have big hurdles to overcome, with a car to be built and the season starting in Australia on March 15. Rivals have also blocked a proposal for them to be allowed to use an interim 2014 car.

They can however miss three races, which would allow them to start the season in Bahrain in mid-April.

Administrator Geoff Rowley said the team had taken a step forward.

"With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing," he said.

"We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the company from administration over the next few days."

(Editing by Tony Jimenez)