COLLAPSED Banbury-based F1 team Marussia has cancelled the final auction of its remaining assets, due to be held on Wednesday.

Spokesman for Marussia administrator FRP Advisory James Rossiter said it had "been halted to allow for discussions to continue with a third party”.

He added: “Given the confidential nature of the negotiations under way, we are unable to provide further details.”

Items scheduled for sale included Marussia’s three race cars for the 2014 season, minus their engines, plus about 70 tonnes of trackside kit.

American businessman Gene Haas, who co-owns a Nascar racing team, was reported to have bid for some of Marussia’s assets during a two-day online auction of the F1 team’s assets last December.

He is thought to be planning to launch an F1 team in 2016, possibly with some operations in Abingdon.

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