The future of Force India, the Northamptonshire-based Formula 1 team co-owned by Indian tycoon Vijay Mallya, has been called into question by its auditors after it posted a loss of £38.5million in its latest accounts.

F1 heads into today’s Brazilian Grand Prix in crisis after two teams – Caterham and Marussia – went into administration last month. Marussia ceased trading on Friday.

Though estimates say Mallya is worth $750million (£468million), his Kingfisher airline has been grounded since 2012 due to debt defaults.

Wrong turn: Force India reported a loss of £38.5million in its latest accounts

He owns 42.5 per cent of Force India, with 15 per cent in the hands of Dutch businessman Michiel Mol and the rest held by Sahara, the Indian conglomerate controlled by Subrata Roy.

The trio’s investment vehicle, Orange India Holdings, paid £17million to the team last year according to its accounts for the year to December 31, 2013.