(Marussia F1 Team via Twitter)
The 200 staff at the team have been made redundant. In a statement the administrator 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 in a very limited time-frame.
"Sadly no solution could be achieved to allow for the business to continue in its current form. We would like to thank all the staff for their support during this difficult process.'
The team will not be participating in the two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi. "The joint administrators will continue with their statutory duties to realise the assets of the business in the best interests of all the creditors.
Sky Sports F1 HD's pit-lane reporter Ted Kravitz has confirmed that as the Banbury based outfit will not see out the season the team have been disqualified from the FIA world championship and will not receive the prize money that they were expected to collect if they finished the season in ninth place in the championship.
© Ben Johnston 2014
© Ben Johnston 2014
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