Marussia officially went out of business yesterday, with the loss of more than 200 jobs.

The Banbury-based marque was placed into administration on October 27 and despite stringent efforts over the last few days to find a buyer and keep the team afloat, they have ultimately come to nothing.

Geoff Rowley, joint administrator at FRP Advisory, said: “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.

“While 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 ongoing funding and the administration process provided a moratorium to allow for attempts to secure a long-term viable solution for the company within a very limited timeframe.

“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.

“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 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.”

Marussia joined F1 at the start of the 2010 season, initially under the name of Virgin Racing with support from Richard Branson.

Attracted to the sport by way of a promised cost-cap from former FIA president Max Mosley, Marussia were joined on the grid by two other teams.

The rug, however, was quickly pulled from under the feet of all three as Mosley was unable to push through his proposals.

In the face of soaring costs, with the bigger marques operating on budgets of more than £200 million, Marussia found themselves a permanent backmarker.

At the end of 2012 one of the other three new teams, Madrid-based HRT, folded as they were unable to compete on track and financially.

After being taken over by Russian industry magnate Andrey Cheglakov, Marussia’s own future was secured, but as it has proven only in the short term.

With mounting debts and rising costs, Cheglakov finally pulled the plug a fortnight ago after his home grand prix.

Under F1’s complicated payment structure, the team would have been in line for a significant cash windfall if they had been able to see out the season.

But with three races to run, it was decided the team could not go on, although it was hoped a buyer would be found ahead of the final race of the campaign in Abu Dhabi from November 21-23.