The Marussia F1 Team has been shut down and will not race again this year or in 2015. Administrators FRP Advisory LLP were unable to find a buyer for the team and as a result all staff have been made redundant.
“It goes without saying that it is deeply regrettable that a business with such a great following in British and world motorsport has had to cease trading and close its doors,” wrote Geoff Rowley from FRP.
“The group was put into administration last month following a shortfall in ongoing funding and the administration process provided a moratorium to allow for attempts to secure a long term viable solution for the company within in a very limited timeframe.
“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.”
Monisha Kaltenborn, Sauber Team Principal, has her own financial pressures to deal with, having recently threatened to boycott the United States Grand Prix and then selling its 2015 driver lineup to the highest bidders.
Commenting on the demise of Marussia, Kaltenborn said: “We have a turnover of billions of dollars and yet we are not in a position to keep 11 teams alive.
“And that tells you it is not a good signal the sport is sending out and we are creating a bad image.
“So you have to look at how the revenues are distributed and you have to find a way to reduce the costs.”
After the US GP Donald MacKenzie, co-chairman of F1’s largest shareholder CVC Capital Partners, said he was prepared to act above Bernie Eccelstone and take measures to improve the plight of the struggling teams.