Categories: F1 News, Reports and Race ResultsMarussia

Manor closer to return as it exits administration

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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

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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.