Marussia F1 team ceases trading

Marussia will not take part in the two remaining races in Sao Paulo and Abu Dhabi

F1 team Marussia has ceased trading nearly two weeks after being placed in administration, making about 200 staff redundant.

Administrators FRP Advisory confirmed the Banbury-based team had folded after failed efforts to find a buyer.

Marussia will not take part in the two remaining championship races in Sao Paulo and Abu Dhabi this month.

Another struggling team, Caterham, has turned to crowd funding in an attempt to run in the final race.

Finbarr O'Connell, interim principal for Caterham, based in Leafield, Oxfordshire, said it needed to raise £2.4m.

He added: "I can't think of a better way to get us all together and show our support to the team than this."

Rewards for backers include having their names printed on a competing car.

'Very disappointed'

Joint administrator for Marussia Geoff Rowley said the team's plight was "deeply regrettable".

It was placed in administration on 27 October and had been in talks with two potential investors.

An anonymous employee said staff were "very, very disappointed" and "quite bitter about it".

"Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment," said Mr Rowley.

"Sadly no solution could be achieved to allow for the business to continue in its current form.

"We would like to thank all the staff for their support during this difficult process."

FRP Advisory confirmed staff had been paid up until the end of October.

Marussia became the second F1 team to be placed in administration last month after the Caterham team also folded.