Caterham's hopes of finding a buyer to retain its place on the F1 grid appear to be close to ending after it was announced its assets are to be sold at auction.

The team, which entered administration in October, has been actively attempting to find a buyer to continue in 2015 but a statement from the administrators has confirmed it will be offering up its assets, including the 2014 chassis and show cars, in a series of auctions in March.

"Acting for the Joint Administrators Finbarr O'Connell, Henry Shinners and Anthony Spicer of Smith & Williamson, Wyles Hardy & Co have been instructed to realise the assets of the Caterham F1 race team.

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"A series of on-line timed auction sales will be held covering the race equipment, engineering facility, F1 memorabilia , IT and communications, office furniture and as well as private treaty sales for the Race Trailer Fleet, the state of the art Race Simulator, Dell HPC super computer and Autoclaves.

"The first Auction will focus on the race support and pit lane equipment including the 2014 chassis' and show cars and is scheduled for early March. Further details of the sale items and terms of sale etc will be found at www.wyleshardy.com/caterhamf1/."

The announcement comes as fellow back of the grid strugglers Marussia - which entered administration the same week at Caterham - was revealed to be exiting administration as talks of an eleventh hour rescue deal continue. Marussia also auctioned off many of its assets, but its most recent auction was cancelled.

Caterham had hoped to find a buyer after a unique crowd-funding exercise allowed it to make it back onto the grid for the Abu Dhabi Grand Prix.