Marussia F1 team goes into administration with 200 jobs at risk
Banbury-based F1 team Marussia have entered administration, leaving up to 200 jobs at risk.
The Oxfordshire team are the second to enter administration recently, as accountancy firm Smith & Williamson took control of the firm behind the Caterham F1 team last week.
Administrators FRP Advisory said the Banbury-based team would continue to operate but had already withdrawn from the forthcoming US Grand Prix.
In a statement, FRP Advisory said no redundancies have been made and all staff would be paid in full until the end of the month.
It now looks likely Marussia will take up the offer and also skip the Brazilian race.
HRT also went bust at the end of 2012, and now Caterham and Marussia are expected to follow suit.