F1 Team Marussia Cease Trading, Lay Off Staff

Updated: 07 November 2014 20:20 IST

FRP was unable to secure the investment needed to continue the company. It became administrator after Russian billionaire shareholder Andrei Cheglakov was unable to provide the funding needed to keep the team going.

F1 Team Marussia Cease Trading, Lay Off Staff
A file pic of a Team Marussia car. © AP

London:

The London-based administrator of Formula One team Marussia says it has ceased trading and the remaining staff have been made redundant following its move into bankruptcy protection in October.

Joint administrator Geoff Rowley of FRP Advisory says in a statement on Friday, "it is deeply regrettable that a business with such a great following in British and world motorsport has had to cease trading and close its doors."

FRP was unable to secure the investment needed to continue the company. It became administrator after Russian billionaire shareholder Andrei Cheglakov was unable to provide the funding needed to keep the team going.

Marussia will not compete in the final two races in Sao Paolo and Abu Dhabi.



Topics : Marussia Formula 1
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