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Marussia has become the second Formula One team in four days to be placed into bankruptcy protection and will not race at the United States Grand Prix on Sunday.
FRP Advisory, a London-based firm, has taken on the role of administrator and says Russian billionaire shareholder Andrei Cheglakov has been unable to provide the required funding to secure the team’s future.
Geoff Rowley, a joint administrator at FRP Advisory, says “the company will continue to operate while the joint administrators assess the longer-term viability.”
The statement says Marussia’s participation in the season’s final two races “will depend on the outcome of the administration process”.
Marussia is also without French driver Jules Bianchi, who was seriously injured after crashing at the Japanese Grand Prix.
Caterham entered administration Friday.
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