Manor takes another step to salvation

Manor, the reborn Marussia F1 team, took a step back from administration on Thursday.

We reported earlier that the ailing backmarker's administrators would on Thursday issue a statement confirming that a restructuring process (CVA) agreed with creditors is now in place.

Indeed, the statement was issued to the media at 3pm UK.

"With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already under way to get a team back racing," said administrator Geoff Rowley.

Manor is now in a race against time to be ready for Melbourne.

Although it was believed the team could sit out the opening three races of 2015 and remain alive, new reports indicate Manor must in fact present for scrutineering in Melbourne in just three weeks time.

For now, Force India has blocked Manor's efforts to simply race the 2014 car in Australia, so a small staff is working hard at Dinnington to prepare a machine conforming to the 2015 rules to be crash-tested and cleared by the FIA.

It is believed Justin King, the former Sainsbury's boss, is powering the new operation, and German reports indicate another key investor is from Northern Ireland.

And according to the F1 correspondent Ralf Bach, McLaren may also be playing a role in the resurrection of the formerly Banbury-based team.

Writing on his blog f1-insider, Bach said McLaren supremo Ron Dennis is keen to emulate Ferrari's new alliance with the 2016 entrant Haas in terms of having a de-facto 'B-team'.

Bach said Manor might nominate Woking as the venue for its wind tunnel programme, while Dennis is reportedly "trying to convince Honda" to supply the team with engines.

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