Marussia F1 Team logo
As for Marussia, administrators appointed late last month have failed to find a buyer and on Friday decided to wind the company up due to a shortfall in on-going funding. The decision has made almost 200 of the U.K.-based team’s staff redundant. The news comes six months after the separate Marussia sports car brand was also disbanded.
The Marussia team, formerly known as Virgin Racing, was last owned by Russian billionaire Andrei Cheglakov. There were a number of parties interested in taking over the team but in the end none made the commitment.
Caterham Formula One car
In a last-ditch effort, Caterham has launched a crowdfunding campaign to help raise enough cash to get the team down to the final race of the season in Abu Dhabi in a fortnight. Companies and fans can get involved by heading to the website www.crowdcube.com/caterham and pledging the amount they wish to give. The team needs to raise £2,350,000 (approximately $3,736,737) by Friday and—at the time of writing—is close to halfway there.
Caterham is currently tied for last place with Sauber, with both teams sitting on zero points in the 2014 Constructors' Championship. Should the team score just a few points it could mean millions in prize money from F1 organizers.