Two bids have been received for the assets of A1GP World Cup of Motorsport by groups looking to relaunch the series.
The administrator of A1GP Operations has confirmed that two bids were made last week for the assets, which include the fleet of 'Powered by Ferrari' single-seaters used in the final season of the series in 2008-09.
Both bidders are known to be looking to use the cars to revive a series that went bust in the wake of its fourth season.
Vijay Chadra, who is assisting A1GP Operations administrator Tim Bramston of Griffins Insolvency Practitioners, told AUTOSPORT: "We have received two bids and are waiting to see who can complete first and then go from there. But that process doesn't preclude another party coming forward before a sale is completed."
It is known that one of the bidders is a group that was working to relaunch the championship under the A10 World Series banner in 2012.
AUTOSPORT understands that this bid has now received backing from Australia. The second bidder, believed to be based in the Netherlands, wants to revive the A1GP idea as the A1 World Cup.