Marussia: 200 redundancies as Formula One team folds

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?

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. 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. 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. 'Sadly no solution could be achieved to allow for the business to continue in its current form.' '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.' 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. 'Sadly no solution could be achieved to allow for the business to continue in its current form.' 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. 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. 'Sadly no solution could be achieved to allow for the business to continue in its current form.' '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 Read: Is F1 running out of gas? Read: Is F1 running out of gas? '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 Read: Is F1 running out of gas? Read: Is F1 running out of gas? 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. 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. 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. 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. 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.

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