Posted on 7th November 2014
It was announced this afternoon that Marussia’s hopes of making a return to Formula 1 have been dashed after administrators confirmed the outfit was shutting its doors.
Despite frantic efforts to try to find a buyer for the team over recent weeks, the failure to complete a deal has forced it out of business. Administrators FRP Advisory LLP said that the Marussia team had ceased trading and the 200 staff had been made redundant.
In a statement to the media, Joint Administrator Geoff Rowley stated the following:-:
'It goes without saying that 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.
'Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment.
'The group was put into administration last month following a shortfall in on-going funding and the administration process provided a moratorium to allow for attempts to secure a long term viable solution for the company within in a very limited time-frame.
'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.'
Rowley added the following further on in his statement:-
'The team will not be participating in the two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi. The joint administrators will continue with their statutory duties to realise the assets of the business in the best interests of all the creditors.'
Overall, it is an extremely sad day for Formula One and also the Marussia team. The news of Marussia’s demise comes just a day after the company that owns the entry – Manor F1 Team- appeared on a provisional line-up for the 2015 season earlier this week.
Even though Marussia have undergone this in the correct manner and using the proper legal channels, it is such a shame that things haven't worked out for the team to secure its future despite trying every avenue they could and they will not be taking their place on the grid anymore.
Everyone at Driving for Pleasure's thoughts goes out to everyone at Marussia who have had a difficult time in the past month or so and I cannot imagine what they are going through right now. And I hope that every member of staff gets the redundancy payment or even an offer of another job in the sport soon.
Marussia originally entered F1 in 2010 as Virgin Racing, before being taken over by Russian businessman Andrey Cheglakov. It scored its first points at this year’s Monaco Grand Prix with Jules Bianchi finishing in ninth place which would have helped secure it a hefty boost of commercial rights incomes at the end of the season.
But with the costs of F1 increasing, the team could not secure the budget it needed to finish the campaign and so will forfeit the income they would have gained from their ninth place in the Constructors Championship.
But all you can say is that it is a sad time for Formula One right now and Marussia will be very much missed in the sport by the teams, drivers and also the fans who will be extremely upset to lose team from the grid and from the sport we love so much.
Sarah Jones
