Marussia F1 team ruled out of United States GP by administrators

FRP Advisory LLP was appointed to administrate Marussia's trading company, Manor Grand Prix Racing Limited, on Monday.

With a lack of funding available to justify continuing racing the firm felt it best Marussia sits out the Austin event.

Geoff Rowley, joint administrator, said: "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."

FRP said that Marussia would continue to operate while it looks at longer term options for the company, and that no redundancies had been made.

The statement added: "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.

"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."

Marussia's absence from the United States GP means there will be only 18 cars on the grid, with Caterham having also gone into administration last week.

It will be the smallest grid since the 2005 Monaco Grand Prix, when BAR was forced to sit out the weekend as punishment for a rules infringement relating to its fuel tank.