Marussia follow Caterham into administration before US GP

Discussion in 'Formula 1' started by Connor Caple, Oct 27, 2014.

  1. Connor Caple

    Connor Caple
    Slowest Racer in Town...

    Marussia have become the second Formula One team in a matter of days to be placed in administration.

    The London-based restructuring and recovery firm FRP Advisory has taken on the role of administrator, and confirmed Marussiawill miss the United States Grand Prix in Austin.

    A statement from FRP confirmed the company, known as Manor Grand Prix Racing Limited and trading as Marussia F1 Team, “will continue to operate while the joint administrators assess the longer-term viability of the company in its present form”.

    Caterham entered administration on Friday and have been given special dispensation to miss the next two grands prix while a buyer is sought. Last Monday a company known as Caterham Sports Limited also went into administration. CSL supplies and makes cars for 1MRT, the entity which owns the licence for Caterham to race in F1.