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Caterham and Marrussia out of F1 after declaring Bankruptcy

Snapshot: Bernie Ecclestone has confirmed that Caterham and Marussia teams have declared bankruptcy.

The Formula 1 race weekend is just around the corner and the racing fans are gearing up of an interesting competition at the Austin, Texas circuit. But, they have a bad news waiting for them, since two teams are not competing in the coming race or maybe the rest of the season. That means a total of four cars will be out of the race, bringing the grid down to 18 cars only, which is less than the FIA regulations.

F1 kingpin, Bernie Ecclestone has confirmed that Caterham and Marussia teams have declared bankruptcy and will not be able to race further. While the Caterham is struggling through ownership issues, Marussia is down to one driver, after Jules Bianchi suffered a terrible accident in Japan. This is also a problematic situation for the F1 management, as the FIA regulations state that minimum 20 cars need to race at a time and they can ask the existing teams to put 3 cars instead of 2, to complete the grid.

FRP Advisory LLP, the law firm following the Marussia's case issued a statement saying "Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi, and the team's participation in those races 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."

Team Marussia

Marussia entered F1 in 2010 under the name Virgin Racing, and subsequently dropping the Virgin Moniker in 2012, to be later known as the Marussia Racing team. Both the Marussia and Caterham are the backrunners of the F1 with Marussia scoring only 2 points, thanks to Bianchi and Caterham yet to open its account.

The 18-car grid will be the smallest since the 2005 US Grand Prix at Indianapolis which saw only six cars compete, due to some problems with the tyre supplier. Although, the 2015 season promised to be bigger and better with the Honda returning to the F1 after a long time and news of Vettel joining the Ferrari team. But, with these two teams out of the current season, it is still unclear whether they will return in the 2015 season or not.

Know more about the latest happenings in F1 here.

Team Caterham

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