Convers Sports Initiatives, the parent company of the World Rally Championship's commercial rights, has gone into receivership.
Vladimir Antonov, the 36-year-old Russian businessman who controls CSI, was arrested in London last week as part of an investigation into the striping of assets from Bankas Snoras, a Lithuanian bank of which he owned 68 per cent.
Antonov, along with his business partner Raimondas Baranauskas were conditionally bailed by Westminster Magistrates' Court last week.
Peter Kubik, a partner at accountants UHY Hacker Young, confirmed CSI's plight via a statement.
The statement from Kubik read: "On the 25th of November 2011 my partner at UHY Hacker Young Andrew Andronikou and I were appointed as Joint Administrators to Convers Sports Initiative plc (CSI).
"CSI own a number of sports teams, media franchises and entertainment rights businesses.
"We were appointed as Administrators after uncertainty arose over the future of CSI. CSI has a number of sports related assets and we are very confident of finding interested buyers for these subsidiaries. Our aim is to ensure that the sale process is as smooth as it possibly can be.
"We will now be undertaking a period of due diligence at CSI and once that has been completed we will be in a better position to answer questions."
The FIA awarded North One Sports a 10-year agreement for exclusive media rights to the WRC, running from 2010 to 2020. North One Sports was acquired by CSI in March this year.
A spokesperson from the FIA said: "The FIA is monitoring the situation regarding Mr Antonov."