By Mark Kleinman, City Editor
Justin King, the former chief executive of J Sainsbury, is among a group of investors negotiating a multimillion pound rescue bid for the ailing Formula One (F1) team Marussia.
Sky News can exclusively reveal that Mr King, one of Britain's most high-profile businessmen, is part of a consortium of backers trying to acquire the team out of administration.
Talks about the deal are ongoing, and it is possible that Mr King's bid could falter, a source cautioned.
F1 insiders confirmed, however, that he was playing a leading role in efforts to inject new money into Marussia, which would be likely to be renamed Manor Grand Prix ahead of the 2015 F1 season.
The identity of the other financial investors with whom Mr King is working was unclear on Wednesday, but he is understood to have joined forces with Graeme Lowden, Marussia's chief executive, and the team principal John Booth.
"These are serious, heavyweight individuals," a source said.
"Their plan is to revive a high-quality British racing ethic and brand-name."
If their bid is successful, it would represent the latest prominent project for Mr King, who stepped down as Sainsbury's chief executive last year.
He had previously been linked with the chairmanship of F1's parent company, while his son Jordan is one of the UK's top young racing drivers.
The British Formula Three champion in 2013, Jordan King has just been signed to a leading team for 2015 in the GP2 series, which has provided drivers with an established route into F1 for decades.
One motorsport insider pointed out that if the elder Mr King played a role in the return of Manor Grand Prix, it would enable him to watch his son race, since the 11 GP2 weekends all take place as the undercard of F1 races.
On Wednesday, the administrator to Marussia issued a statement updating creditors on the status of negotiations.
Geoff Rowley, joint administrator, and partner at FRP Advisory, said: "It is envisaged that, prior to the commencement of the first race of the 2015 season, investment into the business will be made upon the Company exiting from administration via a Company Voluntary Arrangement, which is planned for 19 February 2015.
"A CVA is a restructuring process agreed with the company's creditors which allows for a turnaround of the business and the creation of a longer term viable solution for the team.
"Given the confidential nature of the negotiations underway we are unable to provide further details."
The success of the consortium's offer will depend partly upon the consent of F1's commercial rights-holder to the reborn Marussia using last year's car in this year's Grands Prix.
The status of Marussia's prize money from last year, which is understood to run into tens of millions of pounds, is also a key factor, according to sources close to the administrators.
2014 was a traumatic year for the team even before its financial troubles caused it to miss the final three races of the season.
Its French driver, Jules Bianchi, was involved in a near-fatal crash in October at the Japanese Grand Prix, from which he has still not recovered.
Mr King declined to comment on his interest in the Marussia rescue talks, while FRP refused to comment on the identity of any new investors.
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