Marussia: 200 redundancies as Formula One team folds spleens

As the Formula One caravan geared up for the penultimate race of the season at Sao Paulo in Brazil, the wheels have finally ground to halt for one of the sport's 11 teams.

Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors.

'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,' said Geoff Rowley, joint administrator and partner at FRP Advisory, in a statement



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'While 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.'

Marussia employees have been paid up to the end of the October and FRP promised ' to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.'

Earlier in the season Marussia driver Jules Bianchi suffered severe head injuries in a crash at the Japanese Grand Prix. He remains in hospital in a critical but stable condition.

The F1 season ends in Abu Dhabi on November 23, but Marussia's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team.

Read: Is F1 running out of gas?

Marussia employees have been paid up to the end of the October and FRP promised ' to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.' Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors. As the Formula One caravan geared up for the penultimate race of the season at Sao Paulo in Brazil, the wheels have finally ground to halt for one of the sport's 11 teams. 'While the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment. Marussia employees have been paid up to the end of the October and FRP promised ' to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.' Read: Is F1 running out of gas? Read: Is F1 running out of gas? 'While the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment. Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors. Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors. 'While the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment. Read: Is F1 running out of gas? 'While the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment. Read: Is F1 running out of gas? The F1 season ends in Abu Dhabi on November 23, but Marussia's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team. 'Sadly no solution could be achieved to allow for the business to continue in its current form.' The F1 season ends in Abu Dhabi on November 23, but Marussia's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team. The F1 season ends in Abu Dhabi on November 23, but Marussia's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team. '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,' said Geoff Rowley, joint administrator and partner at FRP Advisory, in a statement Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors. 'Sadly no solution could be achieved to allow for the business to continue in its current form.' Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors. The F1 season ends in Abu Dhabi on November 23, but Marussia's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team. Read: Is F1 running out of gas? The F1 season ends in Abu Dhabi on November 23, but Marussia's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team. Read: Is F1 running out of gas? Read: Is F1 running out of gas? Unable to race in last weekend's U.S. Grand Prix in Austin after sliding into administration, Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors.

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