F1: Auction cancellation leaves door open for Marussia’s survival

Max Chilton of Marussia drives during the Singapore Formula One Grand Prix at Marina Bay Street Circuit on Sept. 21, 2014 in Singapore.

Mark Thompson/Getty Images

Marussia could yet be saved before the start of the season after an auction of the team’s remaining assets was cancelled.

The team remains in administration and still owes a huge amount of money, including over $24m to power unit supplier Ferrari.

A team source told FOXSports.com last month that an earlier auction, which took place before Christmas, would not seriously compromise the chances of saving the team. However, the second included the key equipment required to go racing, and thus represented a deadline.

On Monday, Team principal John Booth told the BBC that 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.

A statement from administrators FRP Advisory later added: “A planned auction of the Company’s remaining assets due to commence on Wednesday 21 Jan. 2015 has 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.”

Like Caterham, if Marussia can be saved the team is expected to get dispensation from the FIA to use its 2014 cars, despite a rule change that affects the nose.