The company which runs the Manor Racing team has entered administration, throwing into doubt its participation this season with little time to save the team.
Just Racing Services Limited, the company which runs the Manor Racing team bought in the administrators FRP Advisory Ltd this morning leaving 212 jobs in question on the run up to the 2017 season.
In a statement from the joint administrator, Geoff Rowley, he stressed that there will little time to make a sale before the start of the season, “The team has made significant progress under its new ownership since the start of 2015, the highlight of which included securing a constructors’ championship point in the preceding F1 season, but the position remains that operating a F1 team requires significant ongoing investment,” he said in a statement.
“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.
“Therefore, they have been left with no alternative but to place JRSL into administration. The joint administrators are currently assessing options for the Group.”
Initially it was expected that Manor was to be sold to American businessman Tavo Hellmund, although negotiations had broken down again, following a sale proposition in 2015 was turned down. The former United States Grand Prix promotor was keen to purchase the team at a decent price, which has been reported to have been too high. More recent reports had included the involvement of former director Graeme Lowdon and Ron Dennis with the help of Chinese investors.
Manor released a statement which confirmed they were in talks, “The decision comes after several months of discussions with investors in an effort to secure the best future for the team: discussions that had recently progressed with a particular investor to the signing of heads of terms.
“Unfortunately, the investor was unable to advance a final agreement in a timescale that would have avoided impacting upon the team’s 2017 racing programme and the directors have had no alternative but to place the team in administration.”
It should be noted that Manor Grand Prix Ltd which holds the FIA entry hasn’t entered administration and is free for anyone to take over that entry, although with preparations behind for the forthcoming season and the significant regulation changes, it will be a difficult ask.