Manor GP back in business

The Manor Grand Prix tale continues with the team edging closer to a return to the grid after exiting administration on Thursday.

The team, which raced under the Marussia guise last year, missed the final three races of the 2014 season due to financial problems and went into administration in November before ceasing trading.

However, that didn't stop Manor Grand Prix, Marussia's parent company, from lodging an entry for the 2015 Championship and the FIA is reportedly delaying publishing the official entry list until the team have finanlised their plans.

Those plans received a boost on Thursday with creditors agreeing to a Company Voluntary Arrangement (CVA).

"We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA," administrator Geoff Rowley said. 

"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 underway to get a team back racing.

"It has been a long process and we would like to thank everyone involved to reach this milestone. We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days. Further comment will be issued by management as matters progress."

Manor, though, still have a fight on their hands as their plan to run a 2014-spec car at the start of the season was blocked by rivals. However, they have been urged to reapply.

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