Marussia are hopeful of a return to the Formula 1 grid this year.

The team ceased trading last November but there is now a plan for them to come out of administration on February 19 and receive new investment.

Administrators FRP Advisory said the company was making "progress towards a longer-term viable solution".

The Banbury-based team have entered an arrangement called a Company Voluntary Agreement (CVA), which is where the creditors accept a write-down - fixed amount - for the money they are owed.

It is the first step to liquidating the company and reconstituting its assets into a new business.