The administrators for the Marussia F1 Team, FRP Advisory, have announced the team will cease trading and the staff at the will be made redundant.
The Marussia F1 Team was placed under administration last month after running into financial trouble. There was some news that there were two potential investors that could take over the running of the team. It seems like that has not materialized and the only thing left for the administrators was to dissolve the company and the team.
A deadline had been set for the two potential investors to transfer their money over before Friday 12:00 GMT. That deadline came and went with no cash being transferred which left the administrators with no choice.
“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,” said Geoff Rowley, the joint administrator at FRP for the Marussia team.
“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.”
This announcement comes a day after the FIA released their list of provisional entries for the 2015 Formula 1 Season.
With the good news that came from Caterham a few days ago, one needs to wonder if they’re headed in the same direction.
