Now Marussia enters administration

Marussia is now being managed by administrators.

Just days after Caterham’s management accepted the same fate, UK insolvency experts FRP Advisory have taken over Manor Grand Prix Racing Limited, which in F1 is known as Marussia.

In a statement, FRP Advisory said Marussia’s "existing shareholder" is "unable" to continue funding the team.

The statement confirmed that it is financially "not viable" for the team to race in Austin this weekend.

As for the last two grands prix of 2014, in Brazil and Abu Dhabi, whether Marussia returns depends "on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity", the administrators added.

The Telegraph has reported that British-Indian steel industry brothers Baljinder Sohi and Sonny Kaushal are lining up as potential buyers.

Statement:

"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 a F1 team requires significant ongoing investment.

"With the existing shareholder unable to provide the required level of funding, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available. Therefore, they have been left with no alternative but to place the Company into administration.

“With the Marussia F1 Team now in administration, the joint administrators have assessed that, given the current financial circumstances of the Group, it is not viable for the Marussia F1 Team to participate in the next race, the 2014 Formula 1 United States Grand Prix, due to take place this weekend in Austin, Texas.

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

"No redundancies have been made following the company’s entering into administration and all staff have been paid in full to the end of October. The ongoing staff position will however be dependent on whether the company can secure new investment in the limited time available.

"We remain highly focused on engaging with interested parties."