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.