New hope for F1 team

They have been left in administration since October and missed the final three races of the 2014 Grand Prix season.

The team cars were meant to be auctioned off on Wednesday, but administrators FRP Advisory confirmed that the event was cancelled so that talks could continue between representatives.

Team boss John Booth said that the investor was “credible” and that the chances of a deal being put together were “pretty high”.

After outscoring Sauber and Caterham last season they are due to pick up £26 million in prize money for their 2014 efforts, which would go some way to paying off the £31 million that they reportedly owe.

However, they would have to make it to the grid for the beginning of the 2015 season in Australia on March 15 to receive that amount.   

One intriguing development this week was the sale of their Banbury base to American outfit Haas, who have purchased the site as their European site ahead of lining up on the F1 grid in 2016.

They want to begin preparing the facility as soon as possible — but will have to wait for Marussia's talks to end with the investor so that a decision can be made about their assets.

That leaves Booth's team with a large question mark over where they will be based if talks are successful, with a move back to their old Dinnington HQ unlikely, even though the Outgang Lane base remains mothballed. The team upped-sticks for Banbury two years ago.

Marussia entered F1 in 2010 as Virgin Racing having been borne out of successful junior formula team Manor Motorsport. They won Formula Renault UK titles with Lewis Hamilton and Kimi Raikkonen and also helped develop the careers of Paul di Resta, Lucas di Grassi and Sam Bird.

The team claimed their only F1 points at the Monaco Grand Prix in 2014 when Jules Bianchi finished ninth on the streets of the Principality. The Frenchman remains in a critical but stable condition in hospital following his accident at the Japanese Grand Prix in October.