Marussia Formula 1 team enters administration

Formula 1 team Marussia have confirmed that they have entered administration.

The team, who have scored two points so far this season, were understood to have been struggling financially.

Marussia driver Jules Bianchi remains in hospital after sustaining serious head injuries at the Japanese Grand Prix.

Marussia's administrators FRP Advisory have confirmed that the team will not take part in this weekend's United States Grand Prix.

In a statement, joint administrator Grant Rowley said: "Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating a F1 team requires significant ongoing investment.

"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."

The Banbury-based outfit have become the second Formula 1 team to go into administration in the past week after Caterham, who confirmed their fate on Friday.