The Marussia F1 Team has gone into administration and is set to miss this weekend' United States Grand Prix in Austin, administrators FRP Advisory LLP said on Monday.
The team follows Caterham F1 that went into administration one week ago. Both teams were notably running at the back of the grid since they entered Formula One in 2010. Both were heavily cash strapped and are now no longer able to keep going.
As both are now ruled out for the US Grand Prix, this leaves just 9 teams on the grid, totalling 18 cars.
“With the existing shareholder unable to provide the required level of funding, the (Marussia) senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available,” said FRP’s joint administrator Geoff Rowley.
“Therefore, they have been left with no alternative but to place the Company into administration. The Company will continue to operate while the joint administrators assess the longer term viability of the Company in its present form.”
Signs weren't good as of last week, with Ecclestone already saying to Reuters that two teams wouldn't make it to Austin. Max Mosley today added fuel to the fire, suggesting it is very possible that F1 may lose more teams in the near future, knowing that FIA president Jean Todt abandoned his plans to instate a cost cap in Formula One.
It is unclear at the moment if either team will be present at the other remaining races of the season, and if they could somehow return in 2015.