Marussia is now the second Formula One team to go into administration, as it races against time to find a new buyer.
Administrators FRP Advisory, who now controls Marussia, says its existing shareholder was unable to provide the required level of funding. It adds that the nearly 200 staff based in England have been paid up to October, but have been offered no assurances over their immediate future. However, FRP assures that the team is expected to continue operating whilst it continues to search for new funding.
The Anglo-Russian team is expected to miss the US Grand Prix in Austin, Texas on Sunday. The absence of Marussia and Caterham means that only 18 cars will start on the grid, making it the smallest number since the Monaco Grand Prix in 2005.
Marussia, officially known as Manor Grand Prix Racing, got its first championship point this year at the Monaco Grand Prix, where still critical and hospitalized Jules Bianchi came in ninth.
Other posts by Azlyn Balqis
