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Marussia F1 team goes into administration | |
(34 minutes later) | |
Marussia have become the second F1 team to be placed in administration within days, it has been confirmed. | |
Administrators FRP Advisory said the Banbury-based team would will continue to operate but had already withdrawn from the forthcoming US Grand Prix. | |
Caterham, also based in Oxfordshire, was put in administration on Friday and will miss the US and Brazilian races. | |
Marussia driver Jules Bianchi remains in hospital, following a crash at the Japanese Grand Prix, on 5 October. | |
Bianchi sustained serious head injuries when his car was in collision with a tractor recovery vehicle. | |
In a statement, FRP Advisory confirmed the company, known as Manor Grand Prix Racing Limited and trading as Marussia F1 Team, "will continue to operate while the joint administrators assess the longer-term viability of the company in its present form". | |
Last week, the company that builds cars for the Caterham Formula 1 team went into administration, putting hundreds of jobs at risk and leading to staff being locked out of the team's site in Leafield. | |
On Friday, the bosses of Caterham F1 formally agreed to hand over the running of the team to administrators. |