PARTNERS from FRP Advisory have been appointed joint administrators to Marussia, the second Formula One team to enter administration in a matter of days.
The specialist restructuring and recovery firm said partners Geoff Rowley and Geoff Carton-Kelly have been appointed as joint administrators of Manor Grand Prix Racing Limited, which trades as the Marussia F1 Team.
FRP confirmed that Marussia will miss this weekend’s United States Grand Prix and that the company has ceased trading while “the longer term viability of the company in its present form” is assessed.
Caterham was placed into administration on 24 October and has been given special dispensation to miss the US and Brazilian races while administrators from Smith & Williamson find a buyer for the team.
In a statement, FRP said no redundancies had been made at Marussia, which employs 200 staff, and that all staff would be paid in full to the end of October. The ongoing staff position will however be dependent on whether the company can secure new investment in the limited time available, it said.
“During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available. Therefore, they have been left with no alternative but to place the company into administration,” Rowley said.
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