Formula One supremo Bernie Ecclestone has given special dispensation to Caterham to miss the next two grands prix whilst a buyer is sought for the cash-strapped marque.

A statement issued by the administrators in London-based accountancy firm Smith & Williamson has effectively confirmed Caterham will not be in a position to compete in next weekend's United States Grand Prix and the subsequent race a week later in Brazil.

Administrator Finbarr O'Connell, who was forced to close the gates to the team's factory at Leafield on Thursday, has told Caterham staff not to return until a deal has been concluded.

Hope has been expressed that a buyer of "substantial financial means" can quickly be found in order for Caterham to be back on the grid for the final race of the season in Abu Dhabi on November 21-23.

Ordinarily, should a team miss a race for any reason they would be punished by Ecclestone, but given the circumstances in this case he has opted to be lenient.

The statement read: "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.

"Mr Colin Kolles, the previous principal of the team, offered today to hand over management control of 1MRT to the administrators.

"Lawyers for the administrators and Mr Kolles are currently working on the paperwork to effect this transfer.

"The administrators have already been contacted by a number of interested parties expressing a wish to buy the team and they hope a transaction with an operator of substantial financial means can be concluded in the next few weeks.

"It is hoped that any purchaser of the F1 team will take over the employees and they will be able to recommence their work including that at the Leafield site."

Earlier on Friday Smith & Williamson were handed full management responsibility for Caterham.

The firm had already been working on behalf of the creditors of Caterham Sports Ltd (CSL), a company which makes and supplies cars to 1MRT, the entity which owns the licence to race in Formula One.

But O'Connell has also now been placed in charge of 1MRT, with his overwhelming priority to find a buyer for the beleaguered marque.

The Smith & Williamson statement confirmed they had agreed terms to acquire the share capital of 1MRT, affording them the ability to sell the team lock, stock and barrel, rather than simply acting for CSL.

Any buyer will acquire the Formula One licence, the cars, designs and intellectual property for current and future seasons, the workforce and all of the technical support provided to the racing team by CSL from the Leafield Technical Centre.

Henry Shinners, another administrator at Smith & Williamson, said: "Purchasing the assets would give the buyer ready access to F1 racing."

O'Connell, meanwhile, added: "We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors.

"While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the Formula One team occurs.

"This is a difficult situation which is not of our making. We regret any personal impact on 1MRT's employees.

"As administrators for CSL we are seeking to maximise the outcome for its creditors and other stakeholders."

O'Connell has firm belief a deal with an interested party can be struck, adding: "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.

"I have spoken to people who are interested in taking over the Leafield factory, and the staff being employed there.

"It's early days, but there is a major hope that all of that can happen."