Marussia to exit administration

The Marussia Formula One team looks set to return to the sport in 2015.

Marussia missed the final three races of the 2014 Formula One season after Russian backer Andrey Cheglakov pulled financial backing for the team.

Marussia soon entered administration and had been set to sell off all assets of the team at an auction.

That auction was recently cancelled as the administrators were happy that new investment opportunities to save the team had enough credibility.

Something that has aided Marussia to find investment was their ninth place finish in the constructors championship table.

That finish was worth in excess of £30million, which has in turn been used to help clear the debts and agree a Company Voluntary Arrangement agreed with team’s creditors.

The team will now exit administration on February 19th.

Marussia do however have one more hurdle to navigate, on Thursday The Formula 1 commission meet to approve plans for Marussia to race with last seasons car.

If approved then team bosses John Booth and Graeme Lowdon will have the green light to make the grid in Australia next month.