Just days after the Caterham F1 Team’s financial troubles were revealed, it’s emerging that fellow Formula One team Marussia is also struggling and has just entered administration. Administrators FRP Advisory said the U.K.-based team would continue to operate and that none of the staff, which number almost 200, have been made redundant.

According to reports out of the U.K., Marussia, whose injured driver Jules Bianchi remains in hospital with serious head injuries, has tens of millions worth debt and is in 11th hour negotiations with a possible buyer. The Telegraph reports that Marussia’s current owner, Russian billionaire Andrei Cheglakov, is looking to sell the team and that two brothers from Britain, Baljinder Sohi and Sonny Kaushal, have made an offer. Buying Marussia would mean taking control of its debts, which are reported to be about £30 million ($48 million).

Marussia was previously linked with a Russian sports car startup of the same name. However, the sports car brand was disbanded earlier this year, making Marussia exclusively an F1 team. Marussia is currently ninth in the 2014 Constructors’ Championship with 2 points, ahead of Sauber and Caterham which both have nil. Should Marussia be able to finish ninth at the end of the season, then the team could receive as much as £40 million in bonus funding over the next two years.

It's been confirmed that both Marussia and Caterham will not be present at this weekend's United States Grand Prix in Austin, Texas, and it's possible more races will be missed.

Stay tuned for an update.


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