Marussia F1 Team
Marussia is holding late talks in order to remain on the Formula 1 grid this season, after administrators called off a planned auction of the squad's remaining assets.
Marussia entered administration last October and was absent from the final three races of 2014, with a subsequent auction resulting in many assets being sold.
A second auction was set to take place on Wednesday, but administrators FRP Advisory have now called off the event as senior management attempts to save the team.
"A planned auction of the Company's remaining assets due to commence on Wednesday 21 January 2015 has been halted to allow for discussions to continue with a third party," read a statement released by FRP Advisory.
The auction was set to include the team's two 2014 race cars and equipment.
While Marussia collapsed with substantial debts, the prize money it secured through finishing ninth in last year's Constructors' Championship remains an attractive proposition, but the team will only secure the money if it competes in 2015.
