Team picked up just one world championship point during the 2016 season
The Manor F1 team is facing serious doubts regarding their future in Formula 1 after the company went into administration.
More than 200 jobs could be lost as a result, with testing for the 2017 season less than two months away.
In a statement on the team's official website, Manor Racing team owner Stephen Fitzpatrick said: "Today’s decision to put the team into administration represents a disappointing end to a two year journey for Manor.
"Over much of the last year we have been in discussions with several investor groups, and had finally agreed terms of a sale to an Asian investment consortium in December. This would have provided the team with a strong platform for continued growth and development. Unfortunately time ran out before they could complete the transaction. Not wishing to repeat events of the past, we resolved in 2015 not to start any season that we did not know for certain we could complete, so we have taken the difficult decision to put the team’s operating company into administration.
"When I took over the team in 2015, the challenge was clear; it was imperative that the team finish in 10th place or better in 2016. For much of the season we were on track. But the dramatic race in Brazil ended our hopes of this result and ultimately brought into doubt the team’s ability to race in 2017.
"I look back on 2016 with pride in what Manor accomplished in what was the most successful year in the team’s history. I would like to thank the team for their constant hard work, determination and passion. We made a huge amount of progress on and off track but ultimately it was not enough."
The team only picked up one point in the 2016 Formula 1 constructor's standings.
That came when German driver Pascal Wehrlein finished 10th at the Austrian Grand Prix.
He started the season with Indonesian driver Rio Haryanto as team-mate before Esteban Ocon completed the season after 12th Grand Prix of the season.
Manor originally entered F1 as the Virgin Racing team before being rebranded as the Marussia team in 2012.