A Middle-Eastern family emerged as the most likely saviour of Caterham on the day it was announced Marussia had gone out of business.
Less than five seasons into their Formula One existence, Marussia have ceased trading with the loss of more than 200 jobs.
After being placed in administration on October 27, the past few days have seen fervent efforts to find a buyer to keep the team afloat.
But with the existing shareholder Andrey Cheglakov unable to provide the required level of funding, and with Marussia’s senior management team failing to bring in new investment, the team is dead.
Administrator FRP Advisory has been forced to call it a day just two years after another of the new teams that entered F1 in 2010, HRT, also went bust.
Geoff Rowley, a joint administrator at FRP Advisory, said: “It goes without saying it’s deeply regrettable that a business with such a great following in British and world motorsport has had to cease trading and close its doors.
“Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment.”
“Sadly no solution could be achieved to allow for the business to continue in its current form.”
Expressing his dismay at Marussia’s demise, Mercedes team principal Toto Wolff said: “We are very sad to learn the news about Marussia.
“They are a group of real racers who have endured some hard times, but also managed to score two points this year, which is a great credit to them.
“Most of all our thoughts are with the people who believed in the team and now find themselves in such a difficult personal position.”
Caterham, meanwhile, will follow at the end of next week unless the administrators overseeing their financial plight can secure a buyer, or if a crowdfunding project launched yesterday can offer salvation.
London -based accountancy firm Smith Williamson is looking to raise £2.35million (Dh13.7m) from fans around the world that would help Caterham take part in the season-ending race at the Yas Marina circuit on November 23, and offer it a lifeline to competing in 2015.
As of 22:00 last night, almost £170,000 (Dh990,000) of the target had been raised in donations and payments received for such items as car parts and driver clothing.
Also on offer for £1,000 (Dh5800) a fan can have their name on the car over the Abu Dhabi Grand Prix weekend, or for £45,000 (Dh262,000), a three-day hospitality package with the team.
Finbarr O’Connell, administrator and interim Caterham team principal, believes it is the first time a restructuring process has used crowdfunding in a bid to help a business get back on its feet.
O’Connell also confirmed he is “still negotiating with potential buyers”. He said: “There is one in particular that is an interesting option which is a Middle-Eastern family.
“We’ve interest from other parts of the world, but knowing the next race is in Abu Dhabi, that is of particular interest to them.”
O’Connell is adamant an adequate due diligence process could be completed in time ahead of Abu Dhabi to ensure a buyer is credible.
Beyond that, though, next Friday would appear to be the cut-off point as O’Connell added: “The employees were not paid for October.
“If it’s not sold by Abu Dhabi, or we’re not on the verge of signing, then it is likely it will be the end for them.
“But I still believe it is more than likely the team will race in Abu Dhabi.”
