Hopes of reviving the failed Marussia Formula One team grew yesterday after an auction of their cars and equipment was postponed to allow talks with a potential new investor.

The 2014 cars, spares and race equipment had been due to go on sale tomorrow but administrators FRP Advisory said it had been “halted to allow for discussions to continue with a third party.

“Given the confidential nature of the negotiations underway we are unable to provide further details,” they added in a statement.

John Booth, who was principal of the Banbury-based team when they went into administration, said he hoped there could be a deal in time for the start of the new season on March 15.

He said talks were “at a fairly advanced stage with a new investor, a credible investor”.

“Postponing the auction gives us a bit more time to explore it,” he added.

Although Marussia ceased trading in November, with staff made redundant, they still have an entry to the 2015 championship as Manor GP but would need last year’s cars to compete.

The FIA is willing to allow struggling teams to race with 2014 cars if that helped them to survive.