Marussia’s comeback bid gathers steam as company exits administration

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Marussia F1 Team has taken a big step towards returning to the grid in 2015 after it was confirmed yesterday that the company has formally exited administration.

The Anglo-Russian team collapsed following last year’s Russian Grand Prix, missing the final three races of the 2014 season.

However, it still managed to retain ninth place in the constructors’ championship and the subsequent prize money, meaning that all hope of a return had not been lost.

Despite having a request to use its 2014 car rejected by the F1 Strategy Group in Paris earlier this month, Marussia – set to be renamed Manor F1 Team – is pushing ahead with plans to race in 2015.

Yesterday, it was confirmed that the company had exited administration as planned and could now focus on getting back on its feet for the new season.

“We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA,” joint administrator and FRP Advisory partner Geoff Rowley said in a statement.

“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.”

Manor can theoretically miss the first three races of the year with permission from the commercial rights holder, giving it until the Bahrain Grand Prix in the middle of April to get a car ready for racing in 2015.

A report by Auto Motor und Sport in Germany suggests that a car is being prepared for a crash test at the beginning of March ahead of a possible debut, although there is some uncertainty over whether or not the team is entitled to its prize money from 2014.

There is still a long road ahead of Manor if it is to race in 2015, but the right steps are being taken to give the operation some kind of future and boost the grid to ten teams once again.