F1: Marussia seeks 11th hour rescue deal

Marussia's bosses have been given a late boost in their hopes of saving the Formula 1 team, after administrators agreed to stop an auction of its final assets.

Although the team has been in bankruptcy administration since last October, its chiefs Graeme Lowdon and John Booth have been working behind the scenes to secure new backers that will get it back on the grid. Those talks have so far failed to reach fruition, but progress of the discussions with one group of investors was encouraging enough on Monday for administrators to call off a planned auction of the team's remaining assets that was scheduled for Wednesday.

A short statement issued by Marussia's administrators, FRP Advisory LLP, said: "A planned auction of the Company's remaining assets due to commence on Wednesday, January 21 has been halted to allow for discussions to continue with a third party."

The auction included the team's 2014 cars, spare parts and team equipment. If it had gone ahead then there seemed little chance of the team finding a way back.

There have been no details released about who Marussia's chiefs are talking to, but discussions will need to be concluded quickly if the outfit is to make it on to the grid for the start of the season. It is already too late for the team to prepare a 2015 car, and any leeway that there may be to begin the campaign with its 2014 challenger still needs approval from rival teams and the FIA.

Furthermore, many of Marussia's staff have found jobs elsewhere so the team would need to recruit personnel to get itself back in shape.

Although Marussia collapsed with $47 million of debt to trade suppliers, it has remained of interest to investors because of commercial rights income it secured last year.  The ninth place it finished in the constructors' championship could be worth as much as $53 million per season – but only if it competes in 2015.

Originally on Autosport.com