The Marussia F1 Team has folded and its staff made redundant, the team's administrators have confirmed.

Despite being named on the provisional entry list for the 2015 F1 season and having been targeting a return in Abu Dhabi, administrator FRP Advisory announced on Friday morning that the team has ceased trading, resulting in the loss of over 200 jobs.

Geoff Rowley, joint administrator at FRP Advisory, said: "It goes without saying that it's deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors.

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"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.

"As joint administrators our immediate focus will be to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.

"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."

Marussia went in to administration following the Russian Grand Prix, and announced that it would not race in Austin or Brazil as a new buyer was sought. Sporting director Graeme Lowdon was present in America working to try and resolve the team's issues but those attempts proved in vain.

The team entered F1 at the start of the 2010 season, originally entering as Manor but involvement from Richard Branson saw the team renamed Virgin Racing ahead of its debut. Despite running ex-Toyota driver Timo Glock, the first two years were a struggle as the team had tried a different approach to car design by focusing solely on CFD from Wirth Research, and Virgin finished last in the constructors' championship on both occasions.

Having been taken over by Russian billionaire Andrei Cheglakov's sports car company at the end of 2010, the team was rebranded Marussia ahead of the 2012 season. Again it was more competitive, holding 10th in the constructors' until it was beaten by Caterham in a dramatic season finale at Interlagos.

With Max Chilton and Jules Bianchi driving for the team in 2013, it showed further signs of improvement and Bianchi's 13th place in Malaysia was good enough to see it claim 10th in the constructors' for the first time.

This season, Marussia celebrated the first points in the team's history when Bianchi took ninth place in Monaco, seeing it sit ninth in the constructors' ahead of Sauber and Caterham. However, Bianchi was seriously injured in a crash at the Japanese Grand Prix, and just one car was run in Russia a week later.

That turned out to be Marussia's last race with its Russian owners pulling the plug after its home grand prix, and the team entered administration in October before ceasing trading.

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I thought this team out of the two in administration would have been able to have been rescued due to the fact the would be getting points payments next year