Marussia were plunged into administration yesterday - the second team in Formula One to head south in a matter of days.

London-based restructuring and recovery firm FRP Advisory has taken on the role of administrator, and confirmed Marussia will miss this weekend's US grand prix.

FRP said the company, known as Manor Grand Prix Racing Limited and trading as Marussia F1 Team, "will continue to operate while the joint administrators assess the longer-term viability of the company in its present form."

Caterham entered administration on Friday and have been given special dispensation to miss the next two grands prix while a buyer is sought for the cash-strapped marque.

Last Monday a company known as Caterham Sports Limited (CSL) also went into administration.

CSL supplies and makes cars for 1MRT, the entity which owns the licence for Caterham to race in F1.

Following a mud-slinging dispute between the past and present owners of Caterham in the days that followed, on Friday it was decided the administrators of CSL, London-based accountancy Smith & Williamson, would be handed full-management responsibility for the team.

Smith & Williamson are now working to find a buyer of "substantial financial means."

Both teams have been granted dispensation to miss the Texan and Brazilian grands prix.

Marussia joint administrator Geoff Rowley said that despite the marque's early successes, operating a F1 team required "significant ongoing investment."

He said the administrators had decided that it was "not viable" to participate in Texas, adding that participation in the Sao Paulo and Abu Dhabi races - the final pair of the 2014 championship - "will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.

"No redundancies have been made following the company's entering into administration and all staff have been paid in full to the end of October."

Like Caterham, Marussia entered F1 at the start of 2010, albeit under the promise from then FIA president Max Mosley of a £40 million budget cap to entice new marques after the demise of Toyota, Honda and BMW.

F1's costs over the past four years have soared, notably for the current campaign with the introduction of the 1.6-litre V6 turbo-charged power units.

They have been part of the FIA's push for a greener, more efficient formula, but in turn it has pushed the smaller marques close to extinction, with Sauber another team struggling financially.

It means for this weekend's race in Austin there will only be 18 cars on the grid, the smallest field since the 2005 Monaco GP.