LONDON — Troubled Formula One team Marussia could yet start the new season after administrators said discussions were under way to secure its financial future. “Since the appointment of administrators negotiations have taken place with a number of parties to try and secure a long term solution for the team,” Geoff Rowley, joint administrator and partner at FRP Advisory, said in a statement Wednesday. “We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season.” Rowley and Geoff Carton-Kelly, partners in the specialist restructuring and advisory firm, were appointed as administrators to Manor Grand Prix Racing Ltd, which trades as Marussia, in October. The statement said Marussia would come out of administration on Feb. 19 via a Company Voluntary Arrangement (CVA) in agreement with the team's creditors. “Given the confidential nature of the negotiations underway we are unable to provide further details,” the statement said. Hopes of reviving the team were raised last month after an auction of their cars and equipment was postponed to allow talks with a potential new investor. Marussia was one of two teams that went into administration in October, with tail-end rivals Caterham also missing two races but returning for the finale. Raikkonen fastest as McLaren woes continue In Spain, Ferrari's Kimi Raikkonen was fastest on the final day of the first pre-season test in Jerez Wednesday as McLaren's hopes for a problem free day were dashed. The Finn set the fastest time of the week with a lap of 1min 20.841 followed by Sauber's Marcus Ericsson and world champion Lewis Hamilton with all three completing over 100 laps on the day. There was no such luck for Jenson Button as a difficult week for the new McLaren-Honda partnership continued. Button failed to get beyond the pit lane in two attempts early on before a fuel pump issue cut short his afternoon having completed just 35 laps. That took the Woking-based team's tally to just 79 laps for the week. McLaren racing director Eric Boullier warned Tuesday that any more setbacks in testing would delay its chances of being competitive once the season gets underway in Australia in six weeks' time. Red Bull has also had problems in the southern Spanish city, but it recovered from a power unit problem in the morning as Daniil Kyvat managed 62 laps, albeit only ahead of Button on time. Double world champions Mercedes enjoyed another marathon day on the mileage front as Hamilton's 117 laps took it past the 500 mark for the week. It is also been a promising few days for the perennial minnows Sauber and Toro Rosso. Ericsson and rookie Brazilian teammate Felipe Nasr were in the top two across all four days. Meanwhile, the youngest ever driver in Formula One, Max Verstappen, got some more experience under his belt in the Toro Rosso as he was fourth fastest in a 97-lap effort. Force India announced that its new VJM08 car is unlikely to be ready in time for the next test in Barcelona, so it will run its 2014 car in the Catalan capital later this month. — Agencies
