BANBURY-based Marussia F1 Team has ceased trading, it has been confirmed, with the loss of up to 200 staff.

Administrators FRP Advisory LLP, announced the news this morning.

In a statement, the company said since the appointment of administrators no investment had been secured in the limited time available to continue the company in its present form.

It added with no sustainable operational or financial structure in place to maintain the group as a going concern, the joint administrators have now ceased trading Marussia F1 Team and unfortunately have had to make the remaining staff redundant.

Marussia's 200 workers had been paid in full up until the end of October.

Geoff Rowley, joint administrator, and partner at FRP Advisory, said:  "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.

"While 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.

"As joint administrators our immediate focus will be to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.

"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.”

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