Former Sainsbury's chief Justin King is tipped to be bringing the Formula One team back from the brink.
The former CEO of British supermarket chain Sainsbury's, Justin King, is understood to be behind the rescue deal of the Marussia Formula One team.
Marussia, who went into administration at the end of last year, moved closer to salvation on Wednesday after administrators FRP Advisory said they were in talks a possible buyer.
A statement said the team were hoping to compete during the 2015 season under the Manor banner, although they would have to use their 2014 cars.
These are serious, heavyweight individuals. Their plan is revive a high-quality British racing ethic.
Sky News source
Although there has not been official confirmation of who is behind the deal, Sky News reported that British businessman King is part of a group of investors ready to step in to rescue the Formula One operation.
"These are serious, heavyweight individuals," a source told Sky News. "Their plan is to revive a high-quality British racing ethic and brand-name."
King, who stepped down from his role at Sainsbury's supermarket last year, is the father of Jordan King, the 2013 British Formula Three champion who will compete in GP2 with Racing Engineering this year.
Marussia and Caterham – also in administration – were given special dispensation by the FIA to race with their 2014 cars in 2015.
However, with less than 40 days before the start of the season, Marussia, renamed Manor on the latest entry list released by the FIA, would face a race against time to make it to Melbourne.
Several of their assets were auctioned at the end of last year, although it is believed the main equipment needed to go racing is still in possession of the administrators.
Marussia finished in ninth place in the constructors' championship last year and is entitled to prize money should they compete this year.