Marussia F1 Team Goes into Administration

The Marussia Formula One racing team has become the second F1 competitor in seven days to slip into insolvency.

The team joins the Caterham F1 team in administration. Both groups are based in Oxfordshire, England. Neither will participate in this weekend's U.S. Grand Prix in Texas. Both hope to attract new financial backers that will enable them to complete that last two races of the 2014 season.

The Financial Times notes that other F1 teams also are struggling financially. The three-year-old Marussia team earned its first point at the Monaco race in May. Caterham hasn't won a single championship point in five years.

The FT says Marussia's staff has been paid only through the end of October. U.K.-based FRP Advisory was appointed administrator of Manor Grand Prix Racing, which campaigns under the Marussia name, on Monday.

Marussia had been backed by Russian tycoon Andrei Cheglakov. But FRP tells the FT he has been unable to secure sufficient funding to continue.