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."