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The Marussia Formula One team have officially ceased trading today after the British-based team were unable to find new owners.
The team had missed last weekend’s US Grand Prix and were also going to miss this week’s race in Brazil due to going into administration back on October 27.
Administrator’s, FRP Advisory, confirmed the news earlier today despite their best efforts over the past week to try and find somebody to keep the team alive.
The decision means that more than 200 people will now be made redundant as the doors at the team’s Oxfordshire factory close for good.
The news also means that Jules Bianchi, who still remains in hospital following his horror crash in Japan, and Britain’s Max Chilton now find themselves unemployed and out of Formula One.
Marussia only joined the sport four years ago under the name of Virgin Racing and were originally being funded through Richard Branson.
The team have constantly been fighting at the bottom end of the grid but were able to gain their first points in F1 this season at the Monaco Grand Prix, with Bianchi finishing the race in ninth place.
There seemed to be hope for the team when Andrey Ceglakov took over the team, but he soon backed-out once all of the debt, added to the cost of being in the sport took over.
It still remains to be see if fellow strugglers, Caterham, will be in business for much longer either after they also entered administration.
Caterham will be absent from the Brazilian GP this weekend and are currently trying to raise around £2.35m in order to be able to race in Abu Dhabi for the season finale.
They are doing this through a crowd-funding scheme on Twitter where by using #RefuelCaterhamF1, fans can donate money to the team in order to try and keep them alive.
In reality it is going to be a huge ask for them to survive which is a real shame.
Surely more things need to be done to try and ensure that there are as many cars on the F1 grid as is physically possible.
What are your thoughts on today’s news? What needs to be done to help the small teams survive?