Marussia Formula 1 team closes doors, staff made redundant

Marussia's hopes of making a return to Formula 1 have been dashed, after administrators confirmed the outfit was shutting its doors

Marussia Formula 1 team closes doors, staff made redundant

Despite frantic efforts to try to find a buyer for the team over recent weeks, the failure to complete a deal has forced it out of business.

Administrators FRP Advisory LLP said that the Marussia team had ceased trading and the 200 staff had been made redundant.

Geoff Rowley, joint administrator, said: "It goes without saying that it is deeply regrettable that a business with such a great following in British and world motorsport has had to cease trading and close its doors.

"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."

He added: "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."

The news of Marussia's demise comes just a day after the company that owns the entry - Manor F1 Team - appeared on a provisional line-up for the 2015 F1 season.

Marussia originally entered F1 in 2010 as Virgin Racing, before being taken over by Russian businessman Andrey Cheglakov.

It scored its first points at this year's Monaco Grand Prix, which would have helped secure it a hefty boost of commercial rights incomes at the end of the season.

But with the costs of F1 increasing, the team could not secure the budget it needed to finish the campaign - so will forfeit the income.

shares
comments
F1: Perez surprised by 'very harsh' penalty after Austin clash
Previous article

F1: Perez surprised by 'very harsh' penalty after Austin clash

Next article

Brazilian GP: Nico Rosberg quickest in opening practice

Brazilian GP: Nico Rosberg quickest in opening practice
Load comments
How getting sacked gave Mercedes F1’s tech wizard lasting benefits Plus

How getting sacked gave Mercedes F1’s tech wizard lasting benefits

He’s had a hand in world championship-winning Formula 1 cars for Benetton, Renault and Mercedes, and was also a cog in the Schumacher-Ferrari axis. Having recently ‘moved upstairs’ as Mercedes chief technical officer, James Allison tells STUART CODLING about his career path and why being axed by Benetton was one of the best things that ever happened to him

The remarkable qualities that propelled Kubica’s F1 comeback Plus

The remarkable qualities that propelled Kubica’s F1 comeback

It’s easy to look at
 Robert Kubica’s second Formula 1 career and feel a sense of sadness that he didn’t reach the heights for which he seemed destined. But as BEN ANDERSON discovered, performance and results are almost meaningless in this context – something more fundamental and incredible happened…

Formula 1
Nov 27, 2021
The humbling changes Ricciardo made to deliver the goods for McLaren  Plus

The humbling changes Ricciardo made to deliver the goods for McLaren 

From being lapped by his own team-mate in Monaco to winning at Monza, it’s been a tumultuous first season at McLaren for Daniel Ricciardo. But, as he tells STUART CODLING, there’s more to the story of his turnaround than having a lovely summer holiday during Formula 1's summer break...

Formula 1
Nov 26, 2021
The potential benefits of losing the F1 constructors' title Plus

The potential benefits of losing the F1 constructors' title

As the battle continues to rage over the F1 2021 drivers' championship, teams up and down the grid are turning their attentions to the prize money attributed to each position in the constructors' standings. But F1's sliding scale rules governing windtunnel and CFD use will soften the blow for those who miss out on the top places

Formula 1
Nov 25, 2021
The invisible enemy that’s made Hamilton’s title charge tougher Plus

The invisible enemy that’s made Hamilton’s title charge tougher

After winning his past few Formula 1 titles at a canter, Lewis Hamilton currently trails Max Verstappen by eight points heading into the final double-header of 2021. Although Red Bull has been his biggest on-track challenge, Hamilton feels that he has just as much to grapple with away from the circuit

Formula 1
Nov 24, 2021
Why F1’s inconvenient penalties have to stay Plus

Why F1’s inconvenient penalties have to stay

OPINION: Quibbles over the length of time taken by Formula 1's stewards over decisions are entirely valid. But however inconvenient it is, there can be no questioning the importance of having clearly defined rules that everyone understands and can stick to. Recent events have shown that ambiguity could have big consequences

Formula 1
Nov 23, 2021
The mistakes Red Bull cannot afford to repeat in F1 2021’s title fight climax Plus

The mistakes Red Bull cannot afford to repeat in F1 2021’s title fight climax

OPINION: Red Bull has had Formula 1’s fastest package for most of 2021, but in several of the title run-in events it has wasted the RB16B’s potential. It cannot afford to do so again with Lewis Hamilton motoring back towards Max Verstappen in the drivers’ standings with two rounds remaining

Formula 1
Nov 23, 2021
Qatar Grand Prix Driver Ratings Plus

Qatar Grand Prix Driver Ratings

Qatar was a virtual unknown for most as Formula 1 made its inaugural visit to the Gulf state, and tyre management quickly emerged as an even more critical factor than normal. Perhaps then it should come as no surprise that two of the championship's elder statesmen produced standout drives

Formula 1
Nov 22, 2021