Formula One’s Marussia Forced Out of Business
By iSportconnect | November 7, 2014
Struggling Formula One team Marussia has gone out of business, doctor their administrators FRP have announced.
FRP failed to find a new owner for the team who entered into administration last week.
Marussia will now cease trading and all staff will be made redundant. Over 200 jobs are believed to be lost at the team’s Banbury headquarters in the UK.
Geoff Rowley, joint administrator, said: “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.
“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.”
Marussia and Caterham were both included onto the F1 entry list for next season, which was a sign that both teams may survive and compete next season under new ownership.
Rowley added: “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.”