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27th
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Administrators are now managing the small Marussia Formula 1 team.
Just days after Caterham's management accepted the same fate, UK insolvency experts FRP Advisory have taken over Manor Grand Prix Racing Limited, which in F1 is known as Marussia.
In a statement, FRP Advisory said Marussia's current owner Andrey Cheglakov is "unable" to continue funding the team.
The statement confirmed that it is financially "not viable" for the team to race in Austin this weekend.
As for the last two Grands Prix of 2014, in Brazil and Abu Dhabi, whether Marussia returns depends "on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity", the administrators added.
"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."
The Telegraph has reported that British-Indian steel industry brothers Baljinder Sohi and Sonny Kaushal are lining up as potential buyers. They apparently have made a 70m euros ($88m) offer for the team.
Just days after Caterham's management accepted the same fate, UK insolvency experts FRP Advisory have taken over Manor Grand Prix Racing Limited, which in F1 is known as Marussia.
In a statement, FRP Advisory said Marussia's current owner Andrey Cheglakov is "unable" to continue funding the team.
The statement confirmed that it is financially "not viable" for the team to race in Austin this weekend.
As for the last two Grands Prix of 2014, in Brazil and Abu Dhabi, whether Marussia returns depends "on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity", the administrators added.
"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."
The Telegraph has reported that British-Indian steel industry brothers Baljinder Sohi and Sonny Kaushal are lining up as potential buyers. They apparently have made a 70m euros ($88m) offer for the team.