Marussia ceases trading, administrators confirm

By on Friday, November 7, 2014

Marussia-F1-TeamAdministrators acting on behalf of Marussia have confirmed that the Formula 1 team has ceased trading and employees made redundant.

Marussia entered administration in October and was absent from the United States Grand Prix but it was hoped that the squad would re-appear in 2015 after holding company Manor lodged an entry for next year.

But FRP Advisory confirmed on Friday morning that the team, Manor Grand Prix Limited, had closed.

"It goes without saying that it's deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors," confirmed the administrators.

"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.

"As joint administrators our immediate focus will be to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.

"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."

Marussia began life as Virgin Racing at the start of 2010 before Russian Andrey Cheglakov bought the team prior to the 2012 campaign.

Its final race was the Russian Grand Prix, in which Marussia fielded only one car following Jules Bianchi's serious accident at the Japanese Grand Prix.

Bianchi remains in a critical but stable condition in hospital.

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