Marussia Formula 1 team cease trading, 200 staff to be made redundant

Administrators have announced that the Marussia Formula 1 team have ceased trading and around 200 staff members are expected to be made redundant.

The team were trying to find a way back to the grid for the final race of the 2014 season in Abu Dhabi after they were forced to miss the US and Brazilian Grands Prix after going into administration last month.

However, they have now ceased trading after failing to attract funds from potential investors before Friday's 12pm deadline.

Joint administrator at FRP Advisory Geoff Rowley said: "It goes without saying that it's deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors."

Marussia's driver Jules Bianchi remains in a critical but stable condition in hospital after suffering serious head injuries at the Japanese Grand Prix.