THE Banbury-based former Marussia could return to Formula 1 after securing a debt deal.

Under their original name Manor, the team completed an arrangement for control of the company to be passed back to the directors allowing it to exit from administration.

Joint 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 the team back racing.”

Restructuring and advisory firm FRP Advisory said the move created a platform for the company to participate in Formula 1 again.

In December held auctions to sell off its assets, the team sold two former show cars for a total of £106,000 at a two-day auction.

Marussia collapsed after last October's Russian Grand Prix with £31m debt.

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