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 team’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 “pretty high”.

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,” 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.

“Given the confidential nature of the negotiations under way we are unable to provide further details.”

Joint-administrator James Rossiter added in a statement: ”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.”

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Andrew Lewin

Andrew first became a fan of Formula 1 during the time when Michael Schumacher and Damon Hill were stepping into the limelight after the era of Alain Prost, Nigel Mansell and Aryton Senna. He's been addicted ever since, and has been writing about the sport now for nearly a quarter of a century for a number of online news sites. He's also written professionally about GP2 (now Formula 2), GP3, IndyCar, World Rally Championship, MotoGP and NASCAR. In his other professional life, Andrew is a freelance writer, social media consultant, web developer/programmer, and digital specialist in the fields of accessibility, usability, IA, online communities and public sector procurement. He worked for many years in magazine production at Bauer Media, and for over a decade he was part of the digital media team at the UK government's communications department. Born and raised in Essex, Andrew currently lives and works in south-west London.

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