Administrators have confirmed the Marussia Formula 1 team has ceased trading and will not be returning to the grid.

The team was placed into administration last month but there was hope a new buyer could be secured in time to allow the operation to compete in the final round of the season at Abu Dhabi.

Despite attracting two potential investors, a deal was unable to be struck before Friday’s deadline, leaving administrators FRP Advisory no option but to dissolve the outfit.

It is understood more than 200 staff have been made redundant.

The news arrives after the FIA released a 2015 entry list including the outfit under its original name Manor Grand Prix.

The team joined F1 in 2010 under the guise of Virgin Racing before being rebranded Marussia after a takeover by Russian Andrey Cheglakov.

“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,” said joint administrator Geoff Rowley in a statement.

“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.”

“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.”

The announcement will come as a particular blow to the team having scored a maiden points finish with driver Jules Bianchi finishing ninth in the Monaco Grand Prix.

The result would have earned the team a sizeable cash boost from the FIA at the end of the season, courtesy of a ninth place finish in the Constructors’ Championship.

Marussia’s final race was the Russian Grand Prix on October 12 where the team fielded just one car for Max Chilton, with Bianchi unable to compete after being hospitalised following a crash at the Japanese Grand Prix.