Manor Grand Prix has moved a step closer to being able to race in 2015 following the approval of a Company Voluntary Arrangement (CVA).
It was announced early in February that Manor - formerly the Marussia F1 Team - would apply to exit administration via a CVA, which would see a financial restructuring and allow control to be handed back to the directors. Confirming the news that the CVA had been approved, Geoff Rowley, joint administrator and partner at FRP Advisory, says the move is an important step towards allowing the team to return to racing.
"We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA," Rowley said. "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.
"It has been a long process and we would like to thank everyone involved to reach this milestone.
"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.
"Further comment will be issued by management as matters progress."
A meeting of the Strategy Group following the first test appeared to block Manor from racing using a 2014 Marussia car, but the team responded that it already has the approval required in place.
Click here for the gallery from day one of the second test