F1: Marussia team fold

The Marussia Formula 1 team has ceased trading and all staff will be made redundant, administrators FRP have announced.

The team went into administration last month and had hoped to return for the final race of the season after missing the US and Brazilian Grands Prix.

Their driver Jules Bianchi remains in hospital in a critical but stable condition after suffering severe head injuries in a crash at the Japanese GP.

Over 200 people will lose their jobs.

Marussia had been in talks with two potential investors, but when a deadline of 12:00 GMT on Friday passed with no funds transferred the team folded.

Geoff Rowley, joint administrator at FRP Advisory, said: “It goes without saying that it’s deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors.”

Elements of Marussia management still hope to return to F1 next season and have applied for entry to next year’s world championship under the name of Manor F1, the team’s original guise.

Their administrators said at the US Grand Prix last weekend that they had set a deadline of two weeks to find a buyer or that team would have to fold, too.

Marussia’s final race was at the Russian Grand Prix on 12 October.

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