27 October 2014
F1 United States Grand Prix: Marussia F1 goes into administration
Marussia F1 joins Caterham by being placed in administration and will also miss the United States Grand Prix; Only 18 cars will race at CotA.
The Marussia F1 team has been placed into administration and will miss this weekend's United States Grand Prix, it has been confirmed.
As anticipated, following comments made over the weekend by Bernie Ecclestone that suggested neither Marussia nor the embattled Caterham team would be making the trip to Texas, the team's absence from the race has now been acknowledged.
Confirmed by FRP Advisory, which will be taking on administration duties of the British-based outfit, it says current owner Andrey Cheglakov is unable to supply investment and the team hasn't raised enough financial backing to continue via its existing shareholders.
"Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors' championship points in the current F1 season, the position remains that operating a F1 team requires significant ongoing investment,” read a statement from joint administrator Geoff Rowley.
"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.
"With the Marussia F1 Team now in administration, the joint administrators have assessed that, given the current financial circumstances of the Group, it is not viable for the Marussia F1 Team to participate in the next race, the 2014 Formula 1 United States Grand Prix, due to take place this weekend in Austin, Texas.
"The Company will continue to operate while the joint administrators assess the longer term viability of the Company in its present form.
Though it is believed up to 200 jobs could be under threat by the move, the FRP Advisory says no redundancies have been made and it isn't ruling out the team returning for either of the final two events in Brazil and Abu Dhabi.
"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."
Coupled to Caterham's withdrawal, Marussia absence means this weekend's United States Grand Prix at the Circuit of the Americas will comprise a grid of just nine teams and 18 cars.
Marussia, which made its F1 debut under its original Virgin Racing guise in 2010, has often hinted at its financial struggles during its five seasons in the sport, though it did score a landmark result this season with Jules Bianchi's run to ninth place and two points in the Monaco Grand Prix.
However, the team was placed under additional strain recently when Bianchi suffered his horrific accident during the Japanese Grand Prix earlier in the month. The Frenchman remains in hospital in Japan after suffering serious head injuries.
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