Complex sentence: The Marussia MR03 was the last Formula One racing car designed and built by Marussia F1 and it competed for part of the 2014 Formula One season, which was to be the team's last season after it went into administration and folded in November 2014.
Split into simpler sentences: The Marussia MR03 was the last Formula One racing car designed and built by Marussia F1. It competed for part of the 2014 Formula One season, which was to be the team's last season after it went into administration and folded in November 2014.