The Manor F1 team have announced that they will be ready to race come the season opener in Australia thanks to investor Stephen Fitzpatrick, the founder of energy company OVO, who rescued the team out of administration.

Since then the team have been working away furiously behind the scenes to get things ready for them to be able to race at the Australian Grand Prix. The team, having already signed Will Stevens as their first driver, is yet to announce their second driver. The team say that the lineup will be completed soon.

Manor F1 will be lead by former Marussia team boss Graeme Lowdon who will take up his new role as President & Sporting Director. The founder of Manor Motorsport John Booth with will continue as Team Principal. Former Sainsbury’s CEO Justin King will be taking over as interim chairman with Stephen Fitzpatrick as the new investor/owner.

“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 Lowdon.

“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,” he added.

“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.”

Fitzpatrick is very confident in the team and feels that they’ve got a solid platform to work off.

“We’ve all worked incredibly hard to get the car ready for Melbourne and the season ahead. Our fans have given the team amazing support for many years and we want to restore Manor to the very best of racing in the future. I have a lifelong passion for Formula One and can’t wait for the season ahead, with Manor and the team.”

The team will start the season with their 2014 which will be modified to suit the 2015 regulations. They will then launch their 2015 car towards the middle of the season.