Marussia auction halted as possible investor emerges

Mon Jan 19, 2015 9:04am EST
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By Alan Baldwin

LONDON (Reuters) - Hopes of reviving the failed Marussia Formula One team grew on Monday after an auction of their cars and equipment was postponed to allow talks with a potential new investor.

The 2014 cars, spares and race equipment had been due to go on sale on Wednesday but administrators FRP Advisory said it had been "halted to allow for discussions to continue with a third party.

"Given the confidential nature of the negotiations underway we are unable to provide further details," they added in a statement.

John Booth, who was principal of the Banbury-based team when they went into administration and missed the last three races of 2014, told the BBC he hoped there could be a deal in time for the start of the new season on March 15.

He said talks were "at a fairly advanced stage with a new investor, a credible investor.

"Postponing the auction gives us a bit more time to explore it," he added.

Although Marussia ceased trading in November, with staff made redundant, they still have an entry to the 2015 championship as Manor Grand Prix but would need last year's cars to compete.

The governing FIA has said it is willing to allow struggling teams to race with 2014 cars if that helped them to survive.   Continued...