It's A Sad Day For Motorsport As Marussia F1 Is No More

After entering administration last month, it has now been confirmed that the Marussia F1 Team has ceased trading.

Efforts to find a new buyer for the team in recent weeks were frantic, but ultimately proved to be unsuccessful. Administrators FRP Advisory LLP announced in a statement today that the team is shutting its doors and the 200 members of staff have been made redundant.

Geoff Rowley, joint administrator, said:

“It goes without saying that it is deeply regrettable that a business with such a great following in British and world motorsport has had to cease trading and close its doors. Whilst the team made significant progress during its relatively short period of operation, operating an F1 team requires significant ongoing investment.

“The group was put into administration last month following a shortfall in on-going funding and the administration process provided a moratorium to allow for attempts to secure a long term viable solution for the company within in a very limited time-frame. Sadly no solution could be achieved to allow for the business to continue in its current form. We would like to thank all the staff for their support during this difficult process.”

“The team will not be participating in the two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi. The joint administrators will continue with their statutory duties to realise the assets of the business in the best interests of all the creditors.”

The team joined F1 in 2010 under the Virgin Racing banner, before becoming the Marussia F1 Team in 2012. This season started with a promising ninth place for Jules Bianchi in Monaco - the outfit’s first ever points - but a shockwave was sent through the sport when the Frenchman was seriously injured in a crash at the Japanese Grand Prix. From the latest update, he remains in a critical but stable condition.

Caterham F1 also entered administration last month and launched a crowd-funding project today to get the team on the grid for the 2014 season finale in Abu Dhabi. However, it looks likely the team will not be on the grid next season, limiting the field to 18 cars. Forza Rossa has an entry for next season but very little is known about the team and its plans. Meanwhile, America’s Haas F1 Team looks set to join the field in 2016.