The assets of Oxfordshire based Formula one team Marussia will be sold at auction later.
It was announced in October that the Group which is located in Banbury and employs two hundred staff, was going into administration.
The auction will see items including race cars, car parts and Memorabilia go under the hammer.
Geoff Rowley and Geoff Carton-Kelly, partners of FRP Advisory LLP, the specialist restructuring and recovery firm, were appointed joint administrators to Manor Grand Prix Racing Limited trading as the Marussia F1 Team.
The Group is located in Banbury, Oxfordshire, and employs nearly 200 staff.
The Marussia F1 Team builds and operates racing cars that compete in the FIA Formula One World Championship (“F1”).
"Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating a F1 team requires significant ongoing investment. With the existing shareholder unable to provide the required level of funding, the 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. Therefore, they have been left with no alternative but to place the Company into administration. With the Marussia F1 Team now in administration, the joint administrators have assessed that, given the current financial circumstances of the Group, it is not viable for the Marussia F1 Team to participate in the next race, the 2014 Formula 1 United States Grand Prix, due to take place this weekend in Austin, Texas. The Company will continue to operate while the joint administrators assess the longer term viability of the Company in its present form. Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi, and the team’s participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity. No redundancies have been made following the Company's entering into administration and all staff have been paid in full to the end of October. The ongoing staff position will however be dependent on whether the Company can secure new investment in the limited time available. We remain highly focused on engaging with interested parties."
The news comes just a day after Aldershot chief executive Andrew Mills resigned merely three months into his post due to the actions of owner Kris Machala, whom he accused of blocking all solutions to secure the long-term future of the financially-stricken club.
Machala used his majority shareholding to vote against a resolution to restructure capital funding at the club's AGM two weeks ago, instead revealing he had secured a new investor who would pump much-needed funds into the EBB Stadium.
Aldershot Town player Michael Rankine vented his anger on Twitter after learning about the club's administration on the internet.
It's a disgrace that we find out we're in administration by the Internet the way this is being handled is not good enough!! I am RAGING!!
people have children to feed and bills to pay! Words can not describe how angry I am!!
Crisis club Aldershot have been placed in administration just five days after being relegated from the Football League.
The Hampshire outfit were founded as Aldershot Town as recently as 1992 after Aldershot Football Club, which had been in existence since 1926, went out of business.
After successive non-league promotions Town returned to the Football League in 2008 but their five-year stay came to an end last weekend as they finished bottom of the npower League Two table.
And with the club's perilous financial state causing growing concern and with players still not paid their April wages, it has this afternoon been announced that Aldershot have entered administration - bringing back dark memories of their past.
Aldershot are yet to release an official statement.
This statement has been issued by Southampton-based Quantuma Restructuring.
"At 10.05am today Carl Stuart Jackson and Paul Anthony Goddard of Quantuma Restructuring were formally appointed as joint administrators of Aldershot Town F.C. (1992) Limited in the High Court.
"Quantuma are currently reviewing the club's financial affairs and will release further details shortly."
Aldershot Town Football Club has been placed in administration.
The announcement follows a court hearing this morning.
The administrator of Portsmouth Football Club has given the two sides in the running to take over the financially strapped club, another two weeks to finalise their bids. Trevor Birch is concerned that neither bidder is in a position to complete a deal.
The Pompey Supporters' Trust; and the former Portsmouth Football Club owner Balram Chainrai who is bidding through his company 'Portpin', have both made offers to buy the football club and take the side out of administration.
"We have held detailed discussions with both Portpin and the Pompey Supporters' Trust over the past week. As neither party is currently in a position to complete a deal we have been unable to make an informed decision as to which offer is in the best interests of creditors.
"We have therefore decided to give both parties two weeks to finalise terms to acquire Portsmouth Football Club.
"We will now work with Portpin and the Trust as they finalise their plans and seek to satisfy the Football League and the Professional Footballers' Association of their respective abilities to sustain the club in the future.
"We will also use this opportunity to request a review of the points deduction that is being held in abeyance on the club by the Football League."
Trevor Birch, the joint administrator of Portsmouth Football Club has responded to a statement from the Football League that the club will start the season with zero points rather the minus 10 points expected. The -10 points will be applied once the club is out of administration.
Mr Birch said the announcement was good news for the club.
“I have been in regular talks with the League over the past few months, and am grateful to the Board for allowing the club to start the season in administration and giving the club the opportunity to conclude a deal with the Trust.
“I’m also encouraged by the League’s decision to postpone any possible points deduction until it receives an application for membership by the Trust. At that stage, the application will be accompanied by a request for a review of the points deduction.
“This news, together with the short-term signings that we hope to conclude over the next 24 hours, is just what the club needs ahead of the Bournemouth match on Saturday.”
Portsmouth football fans are gathering outside the club's training ground this morning in the hope of garnering support from senior players.
The group SOS Pompey will ask them to back to it's campaign to allow fans to take over the failing club and hand each player open letters detailing their plans.