(Marussia F1 Team via Twitter)
The Telegraph is reporting that British - Indian brothers Bajinder Sohi and Sonny Kaushal who made their fortune in the steel industry have put in a serious offer to buy the Banbury based team
The Telegraph reports that the brothers have offered £55 million to purchase the team which would save them from administration and allow the team to continue to compete in Formula One in 2015.
The Marussia F1 Team who have struggled this season despite scoring two points courtesy of Jules Bianchi's ninth place finish at the Monaco Grand Prix. The outfit currently lie in ninth place in the championship.
The team will be hoping that a deal can be done before the season ending Abu Dhabi Grand Prix next month as they will miss the next two Grand Prix of the season in Austin, Texas on Sunday and in Brazil the following week.
The story emerges as the Banbury based outfit were officially placed into administration on Monday morning with FRP Advisory the Administrator appointed to oversee the team releasing a statement to say:
'no redundancies have been made and all staff would be paid in full until the end of the month. he ongoing staff position will however, be dependent on whether the company can secure new investment in the limited time available.'
Despite the news that they will continue to operate as normal the team have already pulled out of this weekend's United States Grand Prix at the Circuit of the Americas in Austin Texas and will almost certainly miss the Brazilian Grand Prix a week later.
© Ben Johnston 2014