The Formula One starting grid risks being reduced to 10 teams this season after Manor, the sport's smallest and least successful outfit, went into administration.
FRP Advisory LLP said in a statement that they had been appointed administrators to Just Racing Services Ltd, the British-based team's operating company.
Joint administrator Geoff Rowley said they were unable to avoid the situation.
"During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available," said .
"Therefore, they have been left with no alternative but to place JRSL into administration."
Manor Grand Prix Racing Ltd, the company which holds the rights to participate in the championship, is not in administration.