Marussia F1 Team Ceases Trading, All Staff Made Redundant

Latest Update from Friday, Nov. 7

Formula One team Marussia has ceased trading due to its well publicised financial struggles, confirmed by Sky Sports on Friday.

Rachel Brookes of Sky Sports provides comment from joint administrator Geoff Rowley:

Original Article from Monday, Oct. 27

Formula One team Marussia has entered into administration and announced that it will miss the coming weekend's United States Grand Prix.

Sky Sports F1 reported the news on Monday as the UK-based team became the second to enter administration in a matter of days following Caterham's demise:

BBC News added the following details:

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Administrators FRP Advisory announced the news less than a week since a firm that builds cars for the Caterham team was also put in administration.

Marussia, which is based in Banbury, Oxfordshire, had already withdrawn from the US Grand Prix at the weekend.

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Thus only 18 cars will take to the grid in Texas on Sunday. While Caterham's situation was somewhat inevitable, per Daniel Johnson in The Telegraph, Marussia was expected by many to make the Austin race, having enjoyed its best season since entering F1 in 2010.

Marussia driver Jules Bianchi also continues his recovery after a severe crash at the Japanese Grand Prix earlier in what has become a nightmare October for the team.