New hope for F1 team

The team, borne out of John Booth’s Dinnington set-up and formerly known as Virgin and then Marussia, faces a race against time to be on the grid in Australia in a month’s time.

But there is optimism that a bid lodged by a former supermarket chief could bring positive news for the team which failed to compete last season.

Justin King, former CEO of Sainsbury's, is understood to have made an offer to buy out Manor. The former businessman is one of the most well-known names in the British business sector. He stepped down last year after ten years in the position and has now set his sights on Motor Racing investment.

Former team principal John Booth and Marussia chief executive Graeme Howden are likely to be part of the consortium, with all parties working desperately hard to try and get Manor on the grid in time for the Australian Grand Prix in Melbourne on March 15.

Crucially, it is planned for Manor to exit administration on February 19 via a Company Voluntary Arrangement (CVA), which is a key positive move towards securing their immediate future.

Geoff Rowley, the joint administrator, said: “Since the appointment of administrators negotiations have taken place with a number of parties to try and secure a long-term solution for the team.

“We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season.

“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.”