By Daniel Hunter

Formula 1 must change its "unsustainable" business model or risk damaging the sport, according to Dr Paola Aversa, who researches the sport at London’s Cass Business School.

His comments come following the news that the Marussia F1 team has gone into administration. Marussia follows Caterham which went into administration on Friday.

“Acknowledging the industrial and social value of Formula 1 implies that different and more rigorous policies need to be applied in order to make sure that the business model of this industry is not only “fair” but also “reasonably sustainable," Dr Aversa said.

"If we consider that in F1 on average one company goes under every year and that even the successful firms struggle to break-even, we must wonder whether the business model of this industry is actually sustainable.

“As Formula 1 grew from being a sport to a multi-billion dollar global industry, new responsibilities have emerged for those who "run the show". Still, if those shareholders are not able to agree on a sustainable redefinition of the business model, someone else should do something to guarantee the welfare of the thousands of stakeholders who contribute to its success.”

Marussia had already pulled out of the upcoming US Grand Prix, but administrators have said the Branbury-based team will continue to operate.

Caterham, based in Oxfordshire, will miss the US and Brazilian races.

Formula 1 boss Bernie Ecclestone granted both teams special dispensation to miss races, and Marussia is now expected to accept an offer of missing the Brazilian Grand Prix as well.

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