Marussia takes a step forward to returning to F1

It has been announced this morning by Marussia’s administrators that the team will come out of administration on February 19 with the aim of taking part in the 2015 season.

Marussia entered administration ahead of the US Grand Prix last year after Russian backer Andrey Cheglakov ceased funding the team. It still has an entry to the 2015 championship and started designing, although did not build, a car to take part this year.

However, the latest news suggests Marussia (or Manor as it is named on the 2015 entry list) could still line up on the grid in Melbourne with new backers in place. In a statement that was issued to the press today, the statement confirmed that they are still working on trying to secure the future of the team at present. The statement is as follows:-

‘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.

‘Given the confidential nature of the negotiations underway we are unable to provide further details. The joint administrators would like on behalf of Marussia F1 Team to thank all involved with the team for their support during this process.’

Even though things are still not finalised with regards to Marussia’s future within Formula One, it is great to see that the administrators are working very hard trying to find them new owners or investors to return and stay in the sport for the near future.

For the administrators to publically thank everyone who is involved with the team in some capacity is really nice to see as in my opinion this only shows just how much they appreciate everything that has been done for them over the past few months.

It would seem to me from the statement issued today that a CVA could be in place as soon as the 19th February in order to get the team back on its feet once more and it would be great if that could be achieved for the Marussia team and allows them back on the grid this season; which they deserve without a shadow of a doubt to be.

As we are all aware, a planned auction of some of the team’s assets was cancelled last month, even though other assets were sold at previous auctions. The Marussia team has also relocated back to Dinnington after its F1 base in Banbury was sold to 2016 entrant Haas last year.

At this time, if Marussia could get back onto the grid they would have to receive agreement from its rivals if it is to run a 2014 car next year. But if Marussia can prove to the FIA and the teams that they are to remain within the sport and have the funds that are needed, I think that they would agree to this and they would be extremely happy to see the team take up its grid spot this season.

In conclusion, it is great news for the Marussia team and its fans today. Even though things are still unclear and have to ironed out using the correct legal channels, it is a step forward for them and there is a small light at the end of the tunnel for them, but a lot of hard work will be needed to achieve this and I am sure that the administrators and everyone associated with the team are ready for it; if it means that they are racing in the sport this season.

For me personally, if the administrators could find either new owners or investment or even make the CVA work in their favour, Marussia’s return to Formula One would not only be fantastic for the sport, it would be great for most importantly their fans who have remained loyal to them and still miss them from the sport daily.

Let us all hope beyond all hope that a deal can be secured to allow Marussia back into Formula One; a sport which they truly belong to and a sport that they deserve to compete in too.

Sarah Jones