Administrators confirm Marussia will miss Austin

By on Monday, October 27, 2014
Marussia F1 Team

Marussia F1 Team

Administrators acting on behalf of the Marussia Formula 1 team have confirmed that the squad will not compete in this weekend's United States Grand Prix.

FRP Advisory was appointed to oversee Marussia's trading company, Manor Grand Prix, on Monday and the outfit will miss the race in Austin.

It is the second Formula 1 team to enter administration in the space of four days after fellow backmarkers Caterham handed over control of their team on Friday.

"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.

"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 Advisory confirmed that staff payments remain up to date as they search to secure the squad's future.

"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," read a 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 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."

With neither Caterham nor Marussia present at this weekend's race, the Formula 1 grid will feature only 18 cars - its lowest entry since the 2005 Monaco Grand Prix, when BAR-Honda was banned following a technical infringement.

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