27/10/2014
NEWS STORY
The Marussia F1 Team has been placed in administration it has been officially confirmed.
Geoff Rowley and Geoff Carton-Kelly of FRP Advisory have been appointed joint administrators of Manor Grand Prix Racing Ltd today
While the administrators say that no redundancies have been made so far and that all staff have been paid in full to the end of October, they admit that the "ongoing staff position" will be dependent on whether the company can secure new investment in the "limited time available".
"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," said Rowley in a statement.
"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."
The news comes just days after Caterham Sports Ltd (CSL) was placed in administration.
Neither team will contest this weekend's United States Grand Prix or the subsequent event in Brazil.