London: British Indian brothers Baljinder Sohi and Sonny Kaushal are reportedly looking to purchase Formula One team Marussia, based in Britain and owned by Russian billionaire Andrey Cheglakov.

According to The Telegraph on Monday, the purchasing sum is a reported 70 million euros (almost $89 million, or 325.69 million dirhams).

The daily said the two brothers, who made their fortune in the steel industry, have been in talks with Andy Webb, the chief executive of the beleaguered team, for the past three weeks to buy Marussia and save it from going into administration.

Sohi said that both the sides were separated by some 12.7 million euros in their evaluations of the deal to save the 190 staff of the team, who announced last week that they would miss the next two Grand Prixs in Austin and Sao Paolo.

“We are very close to a deal,” Sohi said.

“But it has to be the right price. We have put in a serious offer and we will see what happens.”

If the deal passes through, the two brothers would also inherit Marussia’s current debt of about 38 million euros, believed to be owed by the team to Ferrari for their engines this season.

Marussia became the second Formula One team in four days to go into administration and now faces a race against time to find a buyer.

The Anglo-Russian team, whose lead driver Jules Bianchi is fighting for his life after a crash at the Japanese Grand Prix, will miss the US Grand Prix on Sunday while administrators look for new finance.

Administrators took over the Caterham team on Friday and they will also miss the US race in Austin, Texas and the following race in Brazil while they also look for a takeover.

Marussia and Caterham only joined the Formula One circus in 2010 but had been struggling to keep up with the majors as spending on new engine technology shot up.

Administrators FRP Advisory, who now control Marussia, said that Marussia’s existing shareholder was “unable to provide the required level of funding.”

It said the nearly 200 staff, based at Banbury in England, had been paid up to the end of October but have been offered no assurances about the future.

FRP partner Geoff Rowley said: “Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating an F1 team requires significant ongoing investment.”

Marussia, officially known as Manor Grand Prix Racing, will continue to operate while the search for new capital is pursued, the administrators said.

Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi.

FRP said “The team’s participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.”

Marussia are unlikely to make it to the Brazil Grand Prix on November 23 however as all the cars are being transported by air straight from Austin to Sao Paulo.

Marussia got its first championship point this year at the Monaco Grand Prix where Bianchi came ninth. But then Bianchi crashed into a recovery vehicle at Suzuka on October 5. The latest communique on his health, released two weeks ago, said he was in critical condition.