Manor Team fold after administrator fails to find buyer

January 28 2017 , 12:00 am

The Manor team have collapsed after administrators failed to find a buyer for the stricken business.

Manor’s operating company Just Racing Services has been in administration since 6 January, and FRP Advisory has been unable to find a buyer.

Just Racing ceased trading on Friday, effectively ending the Manor team.

The staff were sent home on Friday and told they will be made redundant by the close of business on Tuesday after the payment of January salaries.

FRP said there was “no sustainable operational or financial structure in place to maintain the group as a going concern”.

Joint administrator Geoff Rowley added the administration process “provided a moratorium” in the search for a buyer but “no solution could be achieved to allow for the business to continue in its current form”.

Manor was one of 3 new teams formed into 2010, HRT, Caterham and Virgin.

Only The Caterham team survived, under Lotus, now Renault,

What happens next?

It is not necessarily the end of Manor – a buyer could potentially still purchase the remnants of the team.

But even if that were to happen, the move makes it much harder for Manor to make it to the start of the season in Australia on 26 March.

Manor started life as Virgin Racing in 2010 and has been through several guises in the intervening seven years.

It previously went into administration in October 2014, and was only saved by current owner Stephen Fitzpatrick, the boss of energy firm Ovo, on the eve of the 2015 season.

The team’s collapse leaves 10 teams – 20 cars – on the grid in Melbourne and comes just five days after the sport was taken over by US company Liberty Media and long-time commercial boss Bernie Ecclestone was removed as chief executive.

Photos from Sky F1, Wheels 24, F1 Fanatic and This is F1.


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