Marussia poised to exit administration

ยฉ XPB 

Manor Grand Prix - formerly Marussia - could race in Australia after it was announced it is set to exit administration on 19 February.

A planned auction of the teamโ€™s assets in January was cancelled in order to allow talks to take place with potential investors, with team principal John Booth saying at the time that the chances of securing a deal was โ€œpretty highโ€.

Now, administrator FNP Advisory says an agreement has been reached that will see the team come out of administration ahead of the first race of the season.

"Since the appointment of administrators, negotiations have taken place with a number of parties to try to secure a long-term solution for the team,โ€ joint-administrator Geoff Rowley said. "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.

โ€œGiven the confidential nature of the negotiations under way we are unable to provide further details.โ€

Joint-administrator James Rossiter added in a statement: โ€My understanding is that John Booth and Graeme Lowdon will be running the team and they do have a plan to take part in the first race.โ€

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