Manor F1 team gets approval to come out of administration

The team, which ran under the Marussia banner last season, ceased trading last November after missing the final three races of the year.

Manor's hopes of returning to the sport appeared to suffer a setback when Force India voted against a concession that would have allowed the team to run a modified 2014-spec car to start the season.

But the sport's governing body the FIA said it would keep the entry list open as long as possible to give the team, which has already paid its entry fee, the best chance of making it onto the grid.

Manor has been working to get a 2015-spec car ready in time for one of the early flyaway races, and thus claim the valuable prize money which it won last season for finishing ninth in the constructors' championship.

And the news that the team has entered an arrangement called a Company Voluntary Agreement (CVA), which has involved restructuring their financial debt, means the team now has a platform to allow it to continue trading.

Joint administrator and partner at FRP Advisory Geoff Rowley said: "We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA.

"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."