Marussia, the Oxfordshire-based Formula One team that collapsed in the autumn, is set to come out of administration later this month.

Geoff Rowley and Geoff Carton-Kelly of FRP Advisory were appointed joint administrators of Manor Grand Prix Racing Ltd (trading as the Marussia F1 Team) on 27 October.

The team missed the final three Grand Prix races of the season — in the USA, Brazil and Abu Dhabi.

On 19 January, the administrators announced that a planned auction of the company’s remaining assets would be cancelled to allow discussions to continue with a third party.

They have now said that those discussions are making progress.

Mr Rowley said: “Negotiations have taken place with a number of parties to try and secure a long-term solution for the team. It is envisaged that, before the first race of the 2015 Grand Prix season, investment in the business will be made when it comes out of administration via a Company Voluntary Arrangement (CVA), which is planned for
19 February."