Manor Racing enter administration
January 8 2017 , 12:00 am
Staff were informed of the development on Friday by chief executive officer Thomas Mayer.
Administrators FRP said there was “a very limited window of opportunity” to save the team before the start of the 2017 season in Australia on 26 March.
FRP said it was “assessing options” and that the process affected Manor’s operating company Just Racing Services.
Manor Grand Prix Racing, which owns the rights to the team’s participation in F1, is not in administration.
Team owner Stephen Fitzpatrick said in a note to staff: “It was imperative that the team finish in 10th place or better in 2016.”
Manor, who finished 11th and last in the championship last season, have been in talks with new investors but so far no deal has been concluded.
Administrator Geoff Rowley said: “The team has made significant progress since the start of 2015, but the position remains that operating a F1 team requires significant ongoing investment.
“The senior management team has worked tirelessly to bring new investment, but regrettably has been unable to do so within the time available.
“Therefore, they have been left with no alternative but to place [Manor Racing] into administration.”
A source said several buyers had been lined up over the past few weeks and two had gone as far as conducting a due diligence process.
But none of them provided the funds necessary to buy the team, nor was there any proof they had the money to run it.
Fitzpatrick, the boss of the energy company Ovo, decided to put the team into administration on Thursday night.
The team were aiming to finish 10th in the standings this year with Sauber not having any points, until the rain hit Brazilian GP, where Felipe Nasar scored 2 points.
The team had also been put into administration in 2014/2015 when the team was called Marussia with debts up to £35m.