Marussia set to compete in Australia

The team say they will begin the season with an interim machine, built to comply fully with 2015 regulations, before introducing a new car later in the campaign, based on designs initiated last year.

John Booth will remain as team principal, whilst Graeme Lowdon will be president and sporting director, with former Sainsbury's chief Justin King serving as the squad's interim chairman. Businessman Stephen Fitzpatrick, meanwhile, has been revealed as the team's new 'principal investor'.

"I want to thank all of the teams, the FIA, Formula One Management, our suppliers and staff and of course all of the fans for the support we've received over the past six months," said Lowden.

"It has been a challenging period for all of us but we've come through it and now we just want to go racing again.

"With formidable new business leadership in Stephen Fitzpatrick and the board presence of Justin King we are now in a great place ahead of the new season. This is a fantastic and very rewarding moment for all those involved with the team."

Marussia's application to compete in the 2015 championship was formally approved by the FIA at the end of February, when the team also announced Will Stevens as their first driver. His 2015 team mate is yet to be revealed.