Tomorrow’s auction into Marussia’s remaining assets was cancelled yesterday with the team understood to be involved in advanced talks with a potential buyer.

Birmingham-based GA European Valuations (GAEV) conducted one auction in mid-December when minor items such as steering wheels, manufacturing and office equipment and drivers’ race suits were sold.

That followed the team falling into administration in October with debts of around £60 million, resulting in them missing the final three grands prix of last season.

However, work has been ongoing behind the scenes in a bid to get the team on the grid for this season, albeit with a deadline of Wednesday fast approaching.

That is when GAEV were scheduled to sell off last season’s race cars, along with all components, spares and race-day equipment, along with the team’s cars that took part in the GP3 series.

That would have signalled the end of the team — provisionally listed under their old name of Manor on the FIA’s entry list for 2015 — as a going concern.

GAEV has now confirmed that the auction is no longer to take place, with no new date rescheduled, and with a spokesperson refusing to confirm a reason as to why the auction has been cancelled.

It is understood that sporting director Graeme Lowdon and team principal John Booth are conducting last-ditch negotiations to save Manor.

One of the few positives is that $40m (£26m) in prize money awaits should the team compete again after its 10th-place finish in the 2014 constructors’ championship.

A statement from administrators FRP Advisory read: “A planned auction of the company’s remaining assets due to commence on Wednesday 21 January has been halted to allow for discussions to continue with a third party.

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