The administrators at Marussia have confirmed that an auction planned for this week has been cancelled due to ongoing talks to save the team.

An auction of the team's assets - including race day equipment and the 2014 cars - was planned for Wednesday, with sporting director Graeme Lowdon admitting it would make saving the team "difficult" if it were to go ahead. However, administrators at FRP Advisory confirmed that the planned auction has been halted.

While the Marussia team ceased trading in early November 2014, Manor Grand Prix retains the entry to the 2015 F1 season.

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FRP Advisory confirmed in a statement: "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."

Team principal John Booth told the BBC that the negotiations are "at a fairly advanced stage with a new investor - a credible investor".

Booth added that he believes the chances of securing a rescue deal which will allow the team to race in 2015 - using last year's cars - are "pretty high".