Manor’s bid to return to Formula One this season has received another much-needed tonic as Ferrari have agreed to supply power units despite being owed millions of pounds.

On Thursday, the team formerly known as Marussia announced they are to enter into a Company Voluntary Arrangement (CVA) that will see them emerge from administration over the coming days.

With new financial backing via an investment group spearheaded by former Sainsbury chief executive Justin King, a deal has been struck with the long list of creditors that should allow the team to continue.

The primary creditor was Ferrari, owed £16.5 million before Marussia went into administration towards the end of October.

But Press Association Sport reported that Ferrari have been one of the key players behind the scenes towards helping the team now known as Manor acquire the CVA.

As part of the agreement, team principal Maurizio Arrivabene has confirmed the Maranello marque will supply and maintain 2014-spec power units.

Speaking at the second pre-season test in Barcelona yesterday, Arrivabene said: “We said to them yesterday we’re going to supply them with the 2014 engine.

“There’s nothing in writing at the moment but the answer at the moment is yes – 2014 (engine).”