Marussia Formula 1 team closes on surprise return to grid for 2015

Marussia is edging closer to a surprise return to the Formula 1 grid - having paid its 2015 entry fee and revealed plans to exit administration later this month

Marussia Formula 1 team closes on surprise return to grid for 2015

With an auction of the team's final assets having been called off at the 11th hour in January, talks to find the investment needed to race in 2015 have been ongoing.

AUTOSPORT has learned that the discussions have advanced enough for Marussia's investors to fund its entry fee for racing in 2015 with the FIA.

Furthermore, administrators for the team said on Wednesday that a long term plan to rescue the outfit is progressing well enough for it to enter a Company Voluntary Arrangement on February 19.

A statement issued by FRP Advisory said: "Since the appointment of administrators, negotiations have taken place with a number of parties to try and secure a long term solution for the team.

"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 ('CVA'), 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."

VOTE ON 2014 CAR NOW ESSENTIAL

Although the funding of the entry fee and the move out of administration will be a big step forward, there remain huge hurdles ahead before Marussia can make it on to the grid.

The first will need to be overcome on Thursday, when F1's Strategy Group is set to discuss whether or not Marussia would be allowed to run a 2014 car this season.

It is now too late for the team to create a bespoke 2015 contender, but rivals have previously suggested that they would be willing to consider allowing the team dispensation to run last year's car if it helps it back into F1.

However, some of F1's smaller outfits may not be so willing to support the move because it could cost them a share of Marussia's commercial rights income that they would get if the team disappeared.

It is unclear who the investors are willing to fund Marussia's F1 return, but suggestions that McLaren could be behind it are believed to be wide of the mark.

shares
comments
The other F1 engine in trouble

Previous article

The other F1 engine in trouble

Next article

Jerez F1 test: Kimi Raikkonen puts Ferrari back on top on Wednesday

Jerez F1 test: Kimi Raikkonen puts Ferrari back on top on Wednesday
Load comments

About this article

Series Formula 1
Teams Marussia
Author Jonathan Noble
The diva that stole a march on F1’s wide-bodied opposition Plus

The diva that stole a march on F1’s wide-bodied opposition

In 2017 new F1 technical regulations were supposed to add drama - and peg Mercedes back. STUART CODLING looks at the car which, while troubled, set the stage for the wide-bodied Formula 1 era

The themes to watch in F1’s Imola return Plus

The themes to watch in F1’s Imola return

Three weeks is a long time in Formula 1, but in the reshaped start to the 2021 season the teams head to Imola to pick things up after the frenetic Bahrain opener. Here's what to look out for and the developments to follow at the Emilia Romagna Grand Prix

The 'new' F1 drivers who need to improve at Imola Plus

The 'new' F1 drivers who need to improve at Imola

After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. BEN ANDERSON looks at who made the most of their opportunity and who needs to try harder…

Formula 1
Apr 12, 2021
The delay that quashed Aston Martin’s last F1 venture Plus

The delay that quashed Aston Martin’s last F1 venture

Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says NIGEL ROEBUCK

Formula 1
Apr 10, 2021
Verstappen exclusive: Why lack of car-racing titles won't hurt Red Bull's ace Plus

Verstappen exclusive: Why lack of car-racing titles won't hurt Red Bull's ace

Max Verstappen’s star quality in Formula 1 is clear. Now equipped with a Red Bull car that is, right now, the world title favourite and the experience to support his talent, could 2021 be the Dutchman’s year to topple the dominant force of Lewis Hamilton and Mercedes?

Formula 1
Apr 9, 2021
Are we at peak F1 right now? Plus

Are we at peak F1 right now?

For many, many years Formula 1 has strived to do and to be better on all fronts. With close competition, a growing fanbase, a stable political landscape and rules in place to encourage sustainability, 2021 is on course to provide an unexpected peak

Formula 1
Apr 8, 2021
How crucial marginal calls will decide the Red Bull vs Mercedes battle in F1 2021 Plus

How crucial marginal calls will decide the Red Bull vs Mercedes battle in F1 2021

The longer Red Bull can maintain a performance edge over Mercedes, the better the odds will be in the team’s favour against the defending world champions. But as the Bahrain Grand Prix showed, many more factors will be critical in the outcome of the 2021 Formula 1 World Championship

Formula 1
Apr 7, 2021
How Williams’ new structure adheres to a growing F1 trend Plus

How Williams’ new structure adheres to a growing F1 trend

Williams held out against the tide for many years but, as MARK GALLAGHER explains, the age of the owner-manager is long gone

Formula 1
Apr 6, 2021