Former Spyker boss Colin Kolles, was today announced as new team principal at Campos Meta, while shareholder José Ramón Carabante has taken majority control of the operation from Adrian Campos.

The news means that the struggling Campos Meta team now have a better chance of making the 2010 grid.

Carabante said in a statement:

I would like to thank Bernie Ecclestone, who worked tremendously to support our efforts to keep the team viable. The whole rescue operation has been a race against time with the goal of always having the team run two competitive cars at the first Grand Prix of the F1 season in Bahrain.

- José Ramón Carabante

The restructuring sees Colin Kolles back in Formula 1 for the first time since his days with Spyker:

Over the next 10 days we will review the entire operation, find the extra funding to ensure the team will make the first race in Bahrain, announce the lineup for 2010 in due time and make the operation viable under Jose Ramon Carabante's new ownership.

- Colin Kolles

Previous Red Bull technical chief Geoff Willis is rumoured to be on board after the restructuring, and it is expected that the team will request permission to change it's name. Bruno Senna is contracted to drive for the team, but as yet a teammate has not been announced.