JOBS at Banbury-based Formula 1 team Marussia are at risk after the company went into administration.

London-based restructuring and recovery firm FRP Advisory was yesterday appointed as administrator of the company Manor Grand Prix Racing Limited.

The team employs almost 200 staff and has debts of about £30m. It is the second county Formula 1 team to go into administration.

Last week we reported that Leafield-based Caterham Sports Limited had gone into adminstration.

Employees were locked out of the Leafield Technical Centre after uncertaintly about their jobs.

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Yesterday, joint administrator for Marussia, based in Overthorpe Road, Geoff Rowley, said there had not been any redundancies yet, but said they could be around the corner, with jobs only being paid until the end of October.

He added: “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 2014 Formula 1 United States Grand Prix, due to take place this weekend in Austin, Texas.

“The company will continue to operate while the joint administrators assess the longer-term viability of the company in its present form.”

It is the second major blow for the team this month after the crash at the Japanese Grand Prix that left driver Jules Bianchi fighting for his life.

Marussia was given permission at the weekend, along with Caterham, by racing bosses to miss the United States and Russia grand prixs.

Like Caterham, Marussia entered F1 at the start of 2010, albeit under the promise from then FIA president Max Mosley of a £40 million budget cap.

Although able to lure in three new teams, then known as Manor Grand Prix (now Marussia), Campos Racing (that later became HRT) and Lightspeed (now Caterham), the budget cap was soon withdrawn. HRT folded at the end of 2012, and now Caterham and Marussia are poised to follow suit unless new buyers can quickly be found.

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