It has been confirmed that Marussia will not be present at the United States Grand Prix this weekend, with administrators having been appointed to oversee the team.
Bernie Ecclestone confirmed last week that he believed neither Caterham or Marussia would travel to Austin for the race. Whilst Caterham confirmed that to be true, Marussia had remained silent until Monday when administrators, FRP Advisory LLP, confirmed the team lacks the funds to continue racing.
“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,” said Geoff Rowley, joint administrator.
“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.”
No redundancies have been made and the administrators are continuing to search for potential investment or buyers, added the statement.
“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.”
Discussion about this post