The former Marussia F1 team moved a "step closer to returning to the grand prix grid on Thursday after creditors approved a move allowing them to come out of administration," according to Alan Baldwin of REUTERS. Administrators FRP Advisory LLP said in a statement that a Company Voluntary Arrangement had been agreed to "allow control of Manor Grand Prix Racing, which traded as Marussia F1, to be passed back to directors." FRP added, "The financial restructuring creates a platform for the company to continue with its plans to participate once again within Formula One." No details of the "restructuring, or investors, were provided," although former Team Principal John Booth and Sporting Dir Graeme Lowdon are "known to be involved." Media reports have indicated former Sainsbury's CEO Justin King is "also part of a consortium to revive the team's fortunes." Marussia still has "big hurdles to overcome, with a car to be built and the season starting in Australia on March 15." Rivals have also "blocked a proposal for them to be allowed to use an interim 2014 car." Marussia can, however, "miss three races, which would allow them to start the season in Bahrain in mid-April" (REUTERS, 2/19).
