Manor F1 team goes into administration

Source:Reuters Published: 2017/1/6 23:53:39

Formula One could shrink to 10 teams this season after Manor, the sport's smallest and least successful outfit, went into administration on Friday with more than 200 jobs at risk.

The British-based team, which entered Formula One in 2010 and previously competed as Virgin and Marussia, are now in a race against time to find new investors to stave off collapse.

FRP Advisory LLP said in a statement they had been appointed administrators to the team's ­operating company Just Racing Services Ltd (JRSL).

Manor Grand Prix Racing Ltd, the sister company which holds the rights to participate in the ­championship, is not in ­administration.

"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 joint administrator Geoff Rowley.­

"Therefore, they have been left with no alternative but to place JRSL into administration."

The team, who used Mercedes engines last year, employ 212 staff at their Banbury headquarters.

Rowley said all were paid in full to the end of December and no redundancies had been made so far.

The season starts in Australia on March 26, with the first pre-season test scheduled for the end of February.

"The team's participation will depend on the outcome of the ­administration process and any related negotiations with interested parties in what is a very limited ­window of opportunity," Rowley said.

Manor are owned by Stephen Fitzpatrick, who runs the Independent British energy supplier Ovo and rescued the team at the 11th hour in 2014 after they went into ­administration as Marussia.

Posted in: MOTORSPORT

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