By Jonathan Davies

The Marussia Formula 1 team has formally ceased trading, according to administrators FRP Advisory.

Marussia joined fellow F1 minnows Caterham into administration towards the end of October and subsequently pulled out of the US Grand Prix in Austin, Texas.

FRP said the Oxfordshire based team would continue to operate despite missing the US Grand Prix. But announced today (Friday) that the company formally ceased trading.

"It goes without saying that it's deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors," said Geoff Rowley of FRP Advisory.

Following Marussia and Caterham entering administration, the Formula 1 business model was described as "unsustainable" by Dr Paola Aversa, who researches the sport at London’s Cass Business School.

"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," Dr Aversa said.

Marussia and Caterham were founded following the introduction of a spending cap which was aimed at making the smaller teams more competitive in the sport.

It caps a difficult month for Marussia. French driver Jules Bianchi suffered life threatening injuries after a crash with a vehicle recovery track during the Japanese Grand Prix. Just over a month after the crash, Bianchi's family said the driver is in a critical but stable condition.

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