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Marussia’s F1 hopes boosted after auction cancelled

January 19, 2015

LONDON (AP) — Marussia’s hopes of competing in this year’s Formula One championship have been boosted after a planned auction to sell the team’s remaining assets was cancelled.

Marussia missed the final three races of last year’s campaign after heavy debts forced it into administration in October, along with Caterham, as spiraling costs hit small teams hard in F1.

Marussia was provisionally entered for the 2015 season by motor sport’s governing body, the FIA, under the name of Manor ahead of Wednesday’s deadline for official entries.

British-based GA European Valuations (GAEV), which conducted an auction in mid-December when items such as steering wheels and racing suits were sold, cancelled another auction planned for Wednesday, and it has not rescheduled.

Marussia finished ninth in last year’s constructors’ championship, scoring two points.

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