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Manor Grand Prix, the team formerly known as Marussia, has taken an important step towards a return to the F1 grid after it exited administration on Thursday

As planned by its administrators earlier this month, the company had a Company Voluntary Arrangement approved, which will see control handed back to the directors. Administrator Geoff Rowley said it is a crucial step as the team attempts to return to F1.

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

However, Manor could still face some hurdles after a meeting of the F1 Strategy Group voted not to allow it to run a 2014 car at the opening race this year. Nonetheless, it has pushed ahead with what it believes will be a legal car based on an agreement it had among the teams last year and is still working on a resurrecting the designs of the MR04, its 2015 car.

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