Marussia F1 team shuts down

2014-11-07 17:25
Formula One
Formula One

London - The London-based administrator of Marussia shut down the Formula One team on Friday.

Marussia ceased trading, and the remaining staff were made redundant following its move into bankruptcy protection in October, joint administrator Geoff Rowley of FRP Advisory said.

"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," Rowley said.

"Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment. The group was put into administration last month following a shortfall in on-going funding, and the administration process provided a moratorium to allow for attempts to secure a long-term viable solution for the company within a very limited time-frame. Sadly no solution could be achieved to allow for the business to continue in its current form."

There were about 200 staff employed at Marussia's base in Oxfordshire, England.

"Our immediate focus will be to assist staff who have lost their jobs and provide them with the necessary support," Rowley said.

FRP became administrator after Russian billionaire shareholder Andrei Cheglakov was unable to provide the funding needed to keep the team going. Marussia were the second F1 team to enter administration in four days, following Caterham.

Both teams were absent from the grand prix last Sunday in the United States, and Marussia will not compete in the final two races of the year. Caterham will also be absent in Brazil, while it continues to overcome its financial problems.

Marussia went into administration three weeks after its French driver Jules Bianchi crashed into a recovery vehicle at the Japanese GP, and Bianchi remains in hospital in Japan in a critical but stable condition.

Read more on:    f1

What To Read Next


Read News24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
Live Video Streaming
Video Highlights
Sport Talk

Live scoring

Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Sport24 on Twitter

Follow Sport24 news on Twitter


The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs

Hypothetically, given the same cars to drive, who is the most talented current Formula One driver in your opinion?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

There are new stories on the homepage. Click here to see them.