( CNN ) -- As the Formula One caravan geared up for the penultimate race of the season at Sao Paulo in Brazil , the wheels have finally ground to halt for one of the sport 's 11 teams . Unable to race in last weekend 's U.S. Grand Prix in Austin after sliding into administration , Marussia has folded with the loss of approximately 200 jobs after administrators failed to find new investors . `` It goes without saying that it is deeply regrettable that a business with such a great following in British and world motorsport has had to cease trading and close its doors , '' said Geoff Rowley , joint administrator and partner at FRP Advisory , in a statement . `` While 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 . '' Marussia employees have been paid up to the end of the October and FRP promised `` to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service . '' Earlier in the season Marussia driver Jules Bianchi suffered severe head injuries in a crash at the Japanese Grand Prix . He remains in hospital in a critical but stable condition . The F1 season ends in Abu Dhabi on November 23 , but Marussia 's collapse leaves the sport with plenty of questions to answer given the money it costs to run a team .
Formula One team Marussa goes out of business . Administrators failed to find investors ; 200 jobs to go . - The company is sold for a fraction of its value, and the employees are laid off.