Marussia becomes second F1 team in administration

Marussia on Monday became the second Formula One team in four days to go into administration and now faces a race against time to find a buyer.
The Anglo-Russian team, whose lead driver Jules Bianchi is fighting for his life after a crash at the Japanese Grand Prix, will miss the US Grand Prix on Sunday while administrators look for new finance.
Administrators took over the Caterham team on Friday and they will also miss the US race in Austin, Texas and the following race in Brazil while they also look for a takeover.
Marussia and Caterham only joined the Formula One circus in 2010 but had been struggling to keep up with the majors as spending on new engine technology shot up.
Administrators FRP Advisory, who now control Marussia, said that Marussia's existing shareholder was "unable to provide the required level of funding."
It said the nearly 200 staff, based at Banbury in England, had been paid up to the end of October but have been offered no assurances about the future.
FRP partner Geoff Rowley said: "Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating an F1 team requires significant ongoing investment."
Marussia, officially known as Manor Grand Prix Racing, will continue to operate while the search for new capital is pursued, the administrators said.
Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi.FRP said "The team's participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity."
Marussia are unlikely to make it to the Brazil Grand Prix on November 23 however as all the cars are being transported by air straight from Austin to Sao Paulo.
Marussia got its first championship point this year at the Monaco Grand Prix where Bianchi came ninth. But then Bianchi crashed into a recovery vehicle at Suzuka on October 5. The latest communique on his health, released two weeks ago, said he was in critical condition.
- Budget bust -
Marussia started out as Virgin Racing but Russian sports car maker Marussia and its owner Andrei Cheglakov became a key shareholder. The Russian car maker closed in April.
The absence of Marussia and Caterham means that only 18 cars will start the US Grand Prix, the smallest number since the Monaco Grand Prix in 2005.
Caterham, who started as Lightstream, Marussia and Spanish team HRT entered Formula One in 2010 when the International Automobile Federation (FIA) set a $65 million spending cap on teams.
But the spending limit was soon abandoned and smaller teams struggled to remain competitive. HRT folded in 2012 and it has been a constant battle since for Caterham and Marussia to compete.
Costs have also recently soared over the introduction of a 1.6-litre V6 turbo-charged engine.
Source: AFP