Administrators have confirmed that the Marussia F1 Team have ceased trading and will not be competing at Abu Dhabi after a buyer was not forthcoming.
The team had a deadline of today to get a buyer and had been frantically seeking investment, but with no one suitable coming forward in time, the team have been forced to close their doors and make their 200 staff redundant.
Geoff Rowley, the joint administrator of FRP Advisory LLP dealing with the Marussia situation, said it was regrettable that the team had to close their doors after making progress this season.
“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,” said Rowley. “Whilst the team made significant progress during its relatively short period of operation, operating a 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 demise of Marussia comes just days after the team were included on the 2015 entry list under the name Manor Grand Prix, and rumours were that the team were possibly going to race at the season finale in Abu Dhabi with Max Chilton and Alexander Rossi behind the wheel.
On top of that, the team are still trying to come to terms with Jules Bianchi’s horrendous crash at Suzuka in October, with the Frenchman still in a critical but stable condition in a Japanese hospital.
Bianchi was responsible for the team’s first ever points in the Monaco Grand Prix in May, a result that sees the team sitting ninth in the constructors championship, although their withdrawal means the team would forfeit the income that would have gained the team.