Manor Motorsport, the F1 team set up by Laughton man John Booth in 2009, could make a return to the grid in March.
The team, who became Marussia before losing their Russian backer and going into administration last year, were awaiting a vote by the sport’s Strategy Group in Paris on Thursday, to discover if they would be permitted to use their 2014 cars this season.
Former J Sainsbury chief executive Justin King is planning a takeover of the team.
Booth, team principal and sporting director Graeme Lowdon have been in talks with various interested parties in an attempt to keep the team alive and on the grid for 2015.
The team are hoping to exit administration on 19th February.
Should they be granted permission to join the grid, they will benefit from £26.2m in prize money, earned thanks to back-to-back top 10 finishes in the constructors’ championship.
But having sold their factory in Banbury to American motor racing tycoon Gene Haas, the door could be opened for a return to their original base on Manor Drive, Dinnington.