London: The stricken Marussia Formula One team are set to come out of administration, with former Sainsbury`s boss Justin King linked on Wednesday to a rescue bid that could put them back on the starting grid next month.
Administrators FRP Advisory said in a statement that Marussia planned to come out of administration on Feb. 19 via a Company Voluntary Arrangement (CVA) agreed by creditors.
"It is envisaged that, prior to the commencement of the first race of the 2015 season, investment into the business will be made upon the Company exiting from administration," said Geoff Rowley, joint administrator.
A CVA is a restructuring process agreed with creditors and Rowley said it would allow "a turnaround of the business and the creation of a longer term viable solution for the team."
No details were given about the investors.
However, Sky News television`s City Editor Mark Kleinman reported that King, who stepped down as Sainsbury`s chief executive last year, was part of a consortium bidding for the team.
King`s son Jordan was British F3 champion in 2013 and is due to step up to Formula One`s GP2 feeder series this season.
The group was also said to include Marussia`s former principal John Booth and chief executive Graeme Lowdon.
Kleinman quoted an unnamed source as saying the plan was "to revive a high-quality British racing ethic and brand-name."
Marussia, whose Formula One entry is under the name of Manor Grand Prix Racing Ltd, went into administration last October after being overwhelmed by debts.
Despite having the smallest budget of any team, they scored two points in Monaco with French driver Jules Bianchi and finished ninth in the championship -- a placing that brings significant prize money and revenues.
Bianchi was critically injured in a Japanese Grand Prix crash in October and remains in hospital, with Marussia missing the last three races of 2014.
Hopes of reviving the team were raised last month after an auction of their cars and trackside equipment was postponed to allow talks with a potential investor.
Marussia were one of two teams that folded in 2014, with tail-end rivals Caterham missing two races but returning for the finale.
Rowley said negotiations had taken place with various parties since October to try and secure the team`s survival.
"We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season," he added.