By Euro Weekly News Media • 27 October 2014 • 15:16
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MARUSSIA this week became the second Formula 1 team to go into administration in only a matter of days and will miss out on this weekend’s US Grand Prix in Austin, Texas.
Caterham went into administration last Friday and will likewise miss the race this Sunday. Both teams will also miss the Brazil Grand Prix and it remains to be seen if they will compete in the final race of the season in Abu Dhabi. Marussia and Caterham have both been granted a special dispensation by F1 supremo Bernie Ecclestone while buyers are sought to take over the cash-strapped marques.
A statement from the Bradbury-based Marussia team said that they “will continue to operate while the joint administrators assess the longer term viability of the company in its present form”. One of the joint administrators – Geoff Rowley – acting on behalf of the team, said: “Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors’ championship points in the current F1 season, the position remains operating a F1 team requires significant ongoing investment.”
The existing shareholder of the team is unable to provide the required level of funding and so the team has been placed in administration.
Rowley continued: “Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi, and the team’s participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.”
The Marussia team already suffered a significant setback a number of weeks ago when driver Jules Bianchi crashed into a tractor at the Japanese Grand Prix. He remains in intensive care where his position is described as “critical but stable”.
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