Marussia boss confident of team participating in Formula One's Melbourne opener

Marussia boss John Booth is hopeful that the team would be able to take part in the first race of the new Formula One season as he believes that they can put together a 'rescue deal' in time for the same.

Although, Marussia has been in administration since last October and missed the final three Grands Prix of 2014, Booth said that the team was at a 'fairly advanced stage with a new and credible investor'.

A planned auction of the team's 2014 cars, which they would need to race in Australia on 15 March, that was due to take place on 21 January has been halted 'indefinitely' as Marussia tries to finalise their plans, the BBC reported. Administrators FRP Advisory confirmed that Wednesday's auction was cancelled to allow for 'discussions to continue with a third party'.

Booth added that postponing the auction gives them a bit more time to 'explore it'. He also claimed that his confidence is 'pretty high' that Marussia would be able to put a rescue deal together.

However, Booth admitted that the deal was 'very complicated' and that time is of the 'essence'. He emphasized that an agreement needs to be completed in the next couple of weeks if the team was to race in Melbourne in 2015 season.