Sky Sports News HQ’s Craig Slater has the latest on Marussia: “Marussia have announced their intention to come out of administration by a company voluntary arrangement. I have been in touch with their administrators and one of them – James Rossiter – has released this statement:
‘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.’
“My understanding have followed these negotiations is that one of the key factors is that Marussia will get their prize money from the 2014 season – somewhere in excess of £30m. Now that that is firmly in place they are a much more attractive proposition for a buyer.
“My understanding is that John Booth and Graeme Lowdon will be running the team and they do plan to take part in the first race.”