Date: 25th October 2014 at 7:59pm
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The two remaining ‘newbie’ teams of Formula One will both miss the United States Grand Prix in Austin.

In 2010, Hispania, Team Lotus and Virgin Racing all entered Formula One.

Due to financial reasons and change of ownerships, those three teams evolved into HRT, Caterham and Marussia.

HRT folded three-years later and departed F1 at the end of 2012.

This month has seen Caterham on the brink following financial difficulties after team founder Tony Fernandes sold the team.

Caterham Sports Limited the manufactures for the Caterham F1 team first fell into administration and now the team has followed suit with administrator Finbarr O’Connell taking complete control.

‘This is a very cash-strapped team, I have been approached by people who are interested, so my immediate position is to further the negotiations with them as quickly as possible in order that somebody with proper financial backing can hopefully take over the team.?‘ O’Connell told the media.

‘I need to talk to the creditors, sponsors, funders, so I will be sending a message to all the employees of 1MRT.

‘Our objective is to get this team racing on a proper financial standing, and hopefully if a funder comes through, this team can run again.

The FIA said in a statement: ‘In a telephone conversation today between Finbarr O’Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula One team to a party with the financial strength to sustain it into the future.

‘Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could, if necessary, miss the US and Brazilian Grands Prix, but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix.

Meanwhile Formula One supremo Bernie Ecclestone has also told Reuters that Marussia will also be absent.

‘Neither of those teams are going to go to America,’ the 83-year-old said.

Marussia are yet to confirm the news, but if they are to miss Austin, they will probably also miss Brazil due to logistical reasons.

The races in Austin and Sao Paulo are back-to-back with the cars transported direct from the USA to Brazil by Ecclestone’s Formula One Management.