The Marussia F1 Team have become the second Formula 1 team to enter administration in a matter of a week as they confirm they will not be competing in this weekend’s United States Grand Prix at Austin.
Manor Grand Prix Racing Limited, the trading company of the Marussia team, are now under the administrative jurisdiction of FRP Advisory LLP as a lack of funding to continue their fourth season of racing saw them enter administration.
“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,” said joint administrator Geoff Rowley in a statement. “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.”
FRP have insisted that the team would continue to operate without any redundancies, and that the company are looking for investors to secure the long-term future of the team.
“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,” continued the statement.
“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 on-going 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.”
Ending the team’s nightmare month, the team’s omission from the United States Grand Prix means Max Chilton will sit out the event, while it also denies Alexander Rossi the opportunity to debut in front of his home fans as he looked set to replace Jules Bianchi who remains in a critical condition in a Japanese hospital after his horrific Suzuka crash.
Marussia’s confirmed absence and the news that the Caterham F1 Team have also entered administration means that only 18 cars will be racing in Austin, the least since the 2005 Monaco Grand Prix when British American Racing were banned for a technicality.