Banbury-based Marussia is a relative newcomer to F1 and has had some success, securing two constructors championship points this season, but has come under severe financial pressures. 

However, they will join Caterham lined up off the grid for the last two races of the season.

Geoff Rowley, joint administrator, and partner at FRP Advisory, said: ‘With the existing shareholder unable to provide the required level of funding, 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 the company will continue to operate while the joint administrators assess its longer term viability in its present form, but the Marussia F1 team will not to participate in the next scheduled race, the 2014 Formula 1 US Grand Prix, due to take place this weekend in Austin, Texas.

Participation in the two remaining races of the 2014 championship, in in Sao Paulo and Abu Dhabi, will depend on the outcome of the administration process and any related negotiations with interested parties in what Rowley described as ‘a very limited window of opportunity.’

‘No redundancies have been made following the company's entering into administration and all staff have been 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. We remain highly focused on engaging with interested parties,’Rowley said.

Last week, Smith & Williamson were appointed as administrators to another F1 financial casualty, Caterham Sports Ltd (CSL), the  company that designs and builds cars for the Caterham Formula 1 team, which has filed for insolvency.