London, Oct 27 (IANS/TASS): 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 Monday, the purchasing sum is a reported 70 million euros (almost $89 million).

The English daily said the two brothers, who made their fortune in 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 two next GPs 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.