Formula One team Marussia has become the latest to be placed into administration, following Caterham, which entered administration on Friday.
London-based FRP Advisory has taken on the job of assessing and finding a buyer for the struggling team. Marussia will miss this weekend’s United States Grand Prix in Austin, the group confirmed.
In a statement yesterday the administrator said: “The company will continue to operate while the joint administrators assess the longer-term viability of the company in its present form.”
Dr Paola Aversa of Cass Business School said the racing industry lacks “the will to change”, adding that the current business model is “unsustainable”.