The Marussia F1 Team could be in line for a shock return to Formula 1 in 2015 after it was confirmed that they have paid their entry fee and could be out of administration before the end of February.
The cancellation of last months auction that was to sell off the teams’ final assets gave hope that the team could indeed rise from the ashes, and this new information renews the dream that the team could return in some form.
Marussia had gone into administration following the 2014 Russian Grand Prix, and missed the final three races of the season, but should they compete in 2015, they will receive the monies earned from finishing ninth in last years’ constructors’ championship.
The talks are ongoing with potential investors, but it seems that they are advanced enough to warrant paying the entry fee required to race in 2015, and they are set to exit administration on February 19.
A statement from the teams’ administrators FRP Advisory said that a long-term solution is being sought to enable the team to continue in Formula 1.
“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,“ began the statement.
“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.”
One of the problems that could face Marussia’s return is the fact they will require the F1 Strategy Group to allow them special dispensation to use their 2014 car, while they will probably need to use the old Manor Racing workshop after Haas F1 took over its Banbury site.