The Marussia F1 team could be set for a surprise return to the F1 grid in 2015 after it was confirmed it would be exiting administration, while Justin King is rumoured to be behind the latest rescue plan.

Marussia's well publicised financial struggles came to a head during the latter stages of the 2014 season, the team entering administration and missing the final three races of the year.

However, rumours of Marussia's return under its original Manor Grand Prix Racing guise gathered pace after a planned auction in January was cancelled to allow for continued discussion with a third party over a potential rescue deal.

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Now administrators FRP Advisory have released a statement confirming the team will exit administration, suggesting plans to resurrect the team are coming along.

"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.

"We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season.

"It is envisaged that, prior to the commencement of the first race of the 2015 season, investment into the business will be made upon the Company exiting from administration via a Company Voluntary Arrangement ("CVA"), which is planned for 19 February 2015. A CVA is a restructuring process agreed with the Company's creditors which allows for a turnaround of the business and the creation of a longer term viable solution for the team.

"Given the confidential nature of the negotiations underway we are unable to provide further details."

Sky is reporting the talks to save the team are being headed by Justin King, one of the UK's most profile businessmen and former boss of Sainsbury's supermarkets.

Mr King's son Jordan King was this week confirmed as stepping up to the GP2 Series with Racing Engineering.

Despite the early end to its season, Marussia's 2014 campaign was its best yet after Jules Bianchi scored two points in the Monaco Grand Prix.

Marussia was included on the most recent entry list, albeit under its Manor F1 team name.

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Is this even possible at this point?

Hope they make it - this year's car was set to be a cracker

Manor/Marussia (unlike Caterham) showed every sign of working their way up the grid this season - their PU this year would have been a great improvement, based on Ferrari & Sauber testing to date. So on on that basis alone their inclusion in this year's field will be a good thing - if nothing else to answer ill-informed critics like the one above.