It’s the news we’ve all been hoping for. Marussia will be coming out of administration and will be setting a target of getting to the 2015 Formula 1 grid under the guise of Manor F1 Team, the name which they were set to run under back in 2010.

A CVA (Company Voluntary Arrangement) was agreed at 3pm on Thursday according to Ian Parkes of the Press Association, meaning that the team will be able to join the grid should they be allowed to enter with their 2014 car

Since then, they have also managed to secure year-old Ferrari engines, meaning that they are edging ever closer to the Melbourne grid.

After what happened at the end of last season, this is the news that all racing fans wanted.