Marussia enters administration

Marussia has formally entered administration; it has been announced this morning.

Administrators FRP Advisory was appointed today to administrate Marussia’s trading company, Manor Grand Prix Racing Limited.

FRP Advisory confirmed that the team will miss the US Grand Prix this weekend, due to a lack of funding to justify racing.

Marussia has become the second team to enter administration in a week, following Caterham.

Joint administrator, Geoff Rowley, said: “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 it’s long term future.”

“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 in administration.”

At this stage, there have been no redundancies and staff has been paid to the end of October.

The US grand prix will see only 18 cars compete.

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