Formula 1 team Marussia has been declared bankrupt by administrators FRP Advisory LLP on Friday and would be unable to compete in the last two races of the 2014 season as a result.

The Anglo-Russian outfit had tried to find a buyer over recent weeks, but the failure to complete a deal along with rising costs of sustaining the team forced the team out of business and rendered about 200 people unemployed.

An administrator with FRP Advisory, Geoff Rowley stated “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.”

”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.” he added.

The team was enjoying its best season in 2014 having scored its first ever Championship points through leading driver Jules Bianchi who finished ninth in the Monaco Grand Prix.

Those points would have helped secure a hefty boost of commercial rights income for the team at the end of the season, but the team’s fortunes took a turn for the worse as Bianchi suffered a serious head injury in a crash during the Russian Grand Prix.

Marussia originally entered Formula1 in 2010 as Virgin Racing, before being taken over by Russian businessman Andrey Cheglakov and eventually becoming Marussia Manor Racing.