Formula 1

Marussia Survival hopes raised after auction cancelled

1 Mins read

The chances that the Marussia F1 Team could indeed return to Formula 1 in 2015 have increased after the auction that was set to sell off all the teams’ final assets was cancelled.

The team have been in administration since October, and missed the final three races of the 2014 Formula 1 season in the United States, Brazil and Abu Dhabi, but Graeme Lowdon and John Booth have been working tirelessly to try and broker a deal to allow the team to return to the grid in 2015 in some capacity.

Recent interest from a third party has been enough to make Marussia’s administrators FRP Advisory LLP to cancel the auction that would have made it virtually impossible for the team to return.

“A planned auction of the Company’s remaining assets due to commence on Wednesday 21 January 2015 has been halted to allow for discussions to continue with a third party,” said a short statement from the administrators.

There has been no news about just who the team are in talks with, but the assumption is that if these talks break down, we will have seen the last of the Marussia F1 team in Formula 1.

Should the team return to F1, it is likely the FIA will allow the team to use their 2014 car as it is too late now to develop a car for 2015.

The team entered administration with debts in excess of £31 million, but are in line to earn up to £35 million for their ninth place finish in the 2014 season should they race in 2015. Jules Bianchi’s ninth place finish in Monaco enabled the team to score their first points in the teams’ history, and meant they finished ahead of both the Sauber and Caterham teams in the Constructors’ Championship.

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