Efforts to keep Manor Racing open for the 2017 have failed, after the latest attempt to sell the team fell through.
It was confirmed this morning that the 200+ workers at the Manor Racing factory in Banbury would be made redundant, despite feint hope that the team could continue after being paid until the end of January. Development was still ongoing for the 2017 season, despite the financial situation at the team.
Several attempts of selling the team have failed over the last 18 months, first with American Tavo Hellmund and then with Ron Dennis who was said to have had Chinese backing.
More Series GalleryLive Forum More
Previous story / Force India: Ocon can’t be a Mercedes sub
Manor Formula 1 team closes after efforts to find a buyer fail
By Jonathan Noble Published on Friday January 27th 2017 Formula 1 RSS feed
Cadillac tops Daytona practice with Taylor
Juncadella baffled by ‘worst season’ in DTM
Massa to test Jaguar Formula E car
GP3 calendar trimmed, Jerez round added
GP2 adds Jerez debut to 2017 calendar
Todt: Rally fans must be educated on safety
Waltrip to retire after Daytona 500
Share this article on
Attempts to find a buyer to save the Manor Formula 1 team have failed and it will close ahead of the 2017 season.
Manor went into administration earlier this month after efforts to secure much-needed financial investment had failed to reach fruition.
With the first pre-season test looming at the end of February, administrator FRP Advisory knew it was in a race against time to find a buyer.
Despite interest from potential purchasers – believed to include an Asian consortium – discussions never got far enough for FRP to feel comfortable that the finances were there to save the outfit.
With progress having stalled, FRP Advisory took the decision on Friday to call time on its hopes of saving the team – informing staff that no buyer would be found and deciding that Manor’s parent company Just Racing Services would cease trading.
A statement issued by FRP Advisory said: “During recent months, the senior management team have worked tirelessly to bring new investment to the team to secure its long-term future, but regrettably were unable to do so within the time available and were left with no alternative but to place JRSL into administration to protect the best interests of the underlying businesses and in order to continue a search for a buyer.
A statement from the administrators, FRP said “Since their appointment earlier this month the joint administrators at FRP Advisory have continued to work, with the support of senior management, to try and secure new investment into the business resulting in negotiations with a number of interested parties. During that period funding was secured to ensure payment of all staff salaries until 31 January 2017.
“Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the group in its present form.
“With no sustainable operational or financial structure in place to maintain the group as a going concern, the joint administrators have now ceased trading JRSL and unfortunately have had to send all staff home from work today Friday 27 January.
“While all 212 staff have been paid up to Tuesday 31 January, all but a small handful of staff are expected be made redundant by the end of January.”