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Marussia F1 team goes into administration | Marussia F1 team goes into administration |
(35 minutes later) | |
Marussia have become the second F1 team to be placed in administration within days, leaving up to 200 jobs at risk. | |
Administrators FRP Advisory said the Banbury-based team would continue to operate but had already withdrawn from the forthcoming US Grand Prix.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. | 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. | 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. | Bianchi sustained serious head injuries when his car was in collision with a tractor recovery vehicle. |
In a statement, FRP Advisory said no redundancies have been made and all staff would be paid in full until the end of the month. | |
"The ongoing staff position will however, be dependent on whether the company can secure new investment in the limited time available," it said. | |
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. | 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. | On Friday, the bosses of Caterham F1 formally agreed to hand over the running of the team to administrators. |
Smallest field | |
Formula 1 boss Bernie Ecclestone has given both teams dispensation to miss the grand prix meetings in the US and Brazil. | |
It now looks likely Marussia will take up the offer and also skip the Brazilian race. | |
Like Caterham, Marussia entered F1 at the start of 2010, albeit under the promise from then FIA president Max Mosley of a £40m budget cap. | |
It helped lure in three new teams, then known as Manor Grand Prix (now Marussia), Campos Racing (that later became HRT) and Lightspeed (now Caterham), but the promise was soon withdrawn. | |
HRT went bust at the end of 2012, and now Caterham and Marussia are poised to follow suit unless new buyers can quickly be found. | |
It means for this weekend's race in Austin there will only be 18 cars on the grid, the smallest field since the 2005 Monaco Grand Prix. |