Marussia F1 Team has formally ceased trading and all 200 remaining staff have been made redundant, administrators have confirmed.
The Anglo-Russian team confirmed ahead of the United States Grand Prix that it had entered administration due to ongoing financial difficulties, and was looking for a new buyer to ensure that it could return to the grid for the final round of the year in Abu Dhabi.
Despite missing the races in Austin and Sao Paulo, the team still held hope of racing in Abu Dhabi as a number of possible buyers were mooted.
Earlier this week, Manor F1 Team – the holding company behind Marussia – appeared on the FIA’s entry list for the 2015 season, suggesting that there may have been a saving grace for the team and a real chance of making the grid in Australia next year.
However, the administrators in charge at Banbury today confirmed that the team had shut its doors.
“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,” a statement from administrator FRP Advisory read.
“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 timeframe.
“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.
“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.”
After five years of racing, it is sad to see Marussia formally close its doors after a season that has seen the team meet both triumph and disaster. In Monaco, Jules Bianchi scored its first ever points after finishing in ninth place, taking it above both Caterham and Sauber in the constructors’ championship and putting the team on the cusp of a $40m windfall.
However, at the Japanese Grand Prix, Bianchi suffered a horrific accident that saw him receive severe head injuries. He currently remains in hospital in Japan fighting for his life.
Now, the team’s run in Formula 1 has come to an end, with some 200 staff being made redundant and left looking for a job ahead of the holiday period.