Oxfordshire: Marussia F1 team follows Caterham into administration

Marussia, the Banbury-based Formula One team, has become the second Grand Prix team to be placed into administration in a week.

Following the administrators’ arrival at Caterham, also based in Oxfordshire, Marussia has gone into administration, leaving 200 jobs at risk.

F1 supremo Bernie Ecclestone has given both teams dispensation to miss this weekend’s United States Grand Prix while their futures are discussed.

Marussia’s trading company, Manor Grand Prix Racing, will now be run by the administrator, FRP Advisory LLP.  In a statement, FRP said all Marussia staff had been paid until the end of October and, while longer term options were being considered, no decision had yet been made about participation in the last two races of the season, Brazil and Abu Dhabi.

Manor Grand Prix Racing had a turnover of £28.3 million, and losses of £57.6m in the 12 months to December 31, 2012. Caterham Cars posted sales of £18.2m in 2012 and losses of £300k.