Administrators in control of the Caterham F1 team say the squad could be wound up if a buyer is not secured in the next two weeks.

The troubled British team’s future remains in doubt after being placed into administration last week, following the collapse of company Caterham Sports Limited, which sparked an ownership dispute.

The move has seen the backmarker squad seek special dispensation from F1 boss Bernie Ecclestone to miss the next two races, including this weekend’s United States Grand Prix at Austin.

London firm of administrators Smith and Williamson in charge of the team, which currently employs 200 staff, has told Sky Sports F1 that talks are ongoing with 12 potential buyers but a deal to save the outfit would need to be completed in the next two weeks.

“We’re continuing our efforts to try and find a buyer for the team, bearing in mind the workforce are the lifeblood of the team,” joint administrator Henry Shinners told Sky Sports F1.

“We feel that if a buyer doesn’t come forward in the next two weeks then we’ll probably have to wind it down.”

The new comes just hours after Smith and Williamson released a statement claiming they are working to a plan for the team to return to the grid in 2015 if a buyer cannot be found in time for the season ending Abu Dhabi Grand Prix.

“We remain in conversation with a number of credible, interested parties regarding the sale of the historic Caterham F1 racing team,” the statement read.

“Our current strategy is to seek a buyer that will allow the team to compete in the final race of the season in Abu Dhabi on 23 November 2014 and we are doing all we can to make that happen. However, if a deal cannot be finalised in time, then the strategy is to secure a buyer to allow the team to compete in the 2015 F1 championship.

“We are working with our specialist Corporate Finance team to manage the sale process and we have received several expressions of interest from parties with the financial strength to fund a F1 race team. These conversations are ongoing. We believe this approach will maximise the assets of the broader Caterham F1 team and so enable the best outcome for creditors and other stakeholders, including employees of 1MRT.

“Staff at Caterham’s Leafield site in Oxfordshire are employees of 1MRT, which is a separate entity to CSL. Staff were advised in writing that from 8 October 2014, their employment had been transferred from CSL to 1MRT. This took place before the current administrators of CSL were appointed.

“As administrators to CSL, we are doing our best to resolve matters as smoothly as possible and for the benefit of creditors and other stakeholders. This remains a highly complex situation.

“We understand that in recent weeks there has been a lack of communication between 1MRT and staff at the Leafield site. The administrators of CSL are therefore mindful of the uncertainty facing 1MRT’s employees and their families and are doing their best to address this.”

Caterham are not the only team searching for new buyer with fellow minnows Marussia also absent from Austin this weekend after going into administration last week.