Marussia's administrators have confirmed that the team is to be wound up

Marussia's administrators confirmed on Friday that the Formula 1 team is to be wound up, with the loss of about 200 jobs.

The confirmation brings an end to hopes that the team, who were taken into administration almost two weeks ago, would make a return to the grid in time for the last race of the season in Abu Dhabi later this month.

"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," Geoff Rowley, joint administrator, and partner at FRP Advisory, said.

"Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment. The Group was put into administration last month following a shortfall in on-going funding and the administration process provided a moratorium to allow for attempts to secure a long term viable solution for the Company within in a very limited time-frame. Sadly no solution could be achieved to allow for the business to continue in its current form. We would like to thank all the staff for their support during this difficult process.

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"As joint administrators our immediate focus will be to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.

"The team will not be participating in the two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi. The joint administrators will continue with their statutory duties to realise the assets of the business in the best interests of all the creditors.”

Indications had pointed towards a rescue package for Marussia, formerly owned by Russian billionaire Andrei Cheglakov and who first joined the grid in 2010 as Virgin Racing.

While potential buyers in Asia, Europe and the U.S. had expressed an interest, British-Indian brothers Baljinder Sohi and Sonny Kaushal emerged as 'serious' contenders to take control, with staff asked to work without pay whilst talks took place.

The team also submitted a 2015 entry under the Manor F1 Team earlier this week. However, a Friday deadline was given for the completion of a deal and staff were informed of the decison at noon.

Although any buyer would have had to take on debt estimated at around £30 million, Marussia were due prize money at least matching that if they could hold on to ninth place in the Constructors’ Championship.

Furthermore, reports have suggested that F1’s majority shareholder, CVC Capital Partners, have promised a £100 million ‘fighting fund’ to help small teams with their finances.

"It’s very sad," Sky Sports F1's Ted Kravitz said. "The administrators have been working around the clock for the last three or four weeks to find a serious investor who was able to commit to taking the team forward. There was interest