Marussia will miss the US Grand Prix on Sunday after they went into administration - the second Formula One team in four days to do so.
FRP Advisory, the London-based administrators, said in a statement that Marussia will "continue to operate" but confirmed they would not take their place on the grid in Texas.
The news comes hot on the heels of Caterham having entered administration on Friday and being given special dispensation by Bernie Ecclestone, Formula One's rights holder, to miss both the US and Brazilian Grands Prix while a buyer is sought. That courtesy has also been extended to Banbury-based marque Marussia should they need it.
Acting on behalf of Manor Grand Prix Racing Limited, which trades as the Marussia F1 team, Geoff Rowley, one of the joint administrators, said: "With the Marussia F1 team now in administration, the joint administrators have assessed that, given the current financial circumstances of the group, it is not viable for the Marussia F1 team to participate in the next race. The company will continue to operate while the joint administrators assess the longer-term viability of the company in its present form.
"Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi, and the team's participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in a very limited window of opportunity."
The statement confirmed that no redundancies had been made following the decision to enter administration, but the ongoing staff position will be "dependent on whether the company can secure new investment in the limited time available".
Caterham driver Kamui Kobayashi used his Facebook page yesterday to express his disappointment that the situation will prevent him from racing. "Unfortunately, due to team's situation, I will not able to race in United States GP and Brazilian GP," he said. "I am very sorry for the fans looking forward to those races. While I am carefully observing the situation, I will evaluate possibilities and make the best choice for my future."
His team-mate Marcus Ericcson also wrote on Instagram and Twitter: "Turbulent times. But I'm pushing on as usual and keeping my spirit high."
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