Marussia F1 Team folds
The administrators of the Marussia F1 Team have announced that the team has ceased trading after efforts to find a buyer for the outfit have failed. The situation makes around 200 staff redundant.
With activities ended, the team will also certainly not compete in the remaining two races of the ongoing Formula One championship.
Joint administrator for Marussia, Geoff Rowley said the team's plight was "deeply regrettable". "Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment."
"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."
Administrators FRP Advisory confirmed staff had been paid up until the end of October.
The team was in 5 for nearly five years, first backed by Virgin and then under the helm of Russian car company Marussia. The team was well loved among F1 fans and enjoyed their first points of their existance this year at Monaco. Following this high point however came Jules Bianchi's accident at the Japanese GP, following which the team's situation became untenable.
Reactions are, as expected, mostly disappointment. Greame Lowden, the team's principal thanked his team for the hard work on twitter.
F1 is the greatest team sport in the world and I'm proud to have worked with a great team of RACERS. Thanks. pic.twitter.com/kj9dMvbIxG
— Graeme (@graeme_lowdon) November 7, 2014
