Marussia F1 team folds

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The Marussia Formula One team has folded and its entire staff of more than 200 people have been made redundant.

The British-based team went into administration last month and had hoped to make a return for the final race of the season in Abu Dhabi after missing the US Grand Prix last week and Brazilian Grand Prix this weekend.

The closure of the Ferrari-engined team comes just over a month after lead driver Jules Bianchi suffered a horrific accident at the Japanese Grand Prix. Bianchi remains critical but stable in hospital.

Its last race was the Russian Grand Prix in Sochi last month, when it ran only one car driven by Briton Max Chilton.

According to the BBC, Marussia had been in talks with two potential investors but when the deadline for funds passed, it was forced into closure.

The shuttering was announced by administrators. As yet, no statement has been published on Marussia's homepage, Facebook or Twitter accounts.

The British-Russian Marussia, rebranded from Virgin Racing, launched in 2012. This year is sits ninth in the constructors championship with 2 points, ahead of the scoreless Caterham and Sauber.

Caterham itself is in a financial hole, having this week turned to crowdfunding just to make the season’s final race. The Caterham Group sold the Formula One team to a consortium of investors from the Middle East and Switzerland in July.

The financial woes for two weak teams in the 11-team strong field have been pinned on several factors, notably development costs of the complex hybrid drivetrains and lower transport subsidies.