Manor has confirmed it is formally out of administration as it continues to forge a path towards a return to the Formula 1 World Championship.

The team, formerly known as Marussia, revealed its plans to come out of administration on this date earlier in the month and the FRP Advisory overseeing its case has subsequently confirmed this is the case.

It is a boost for Manor following the block by rival teams to return to the F1 grid with an interim 2014 specification car, though it still faces hurdles in its quest to get back on the grid for the opening round of the season in Australia on 15th March.

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Manor will now enter a Company Voluntary Arrangement and gives it a more stable foundation from which to forge its comeback plans.

"We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA," said joint administrator Geoff Rowley.

"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 a team back racing.

"It has been a long process and we would like to thank everyone involved to reach this milestone.

"We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days.

"Further comment will be issued by management as matters progress."

Manor has already said it plans to bring a 2015 specification car to the grid as soon as possible, but is under pressure to ensure it is ready by round four in Bahrain.