With the operating company of Manor Racing in administration, it is unlikely the Formula one racing team will be in action next year.
Last season, Manor Racing finished 11th in the constructors’ championship. It has been looking for new investors to keep up and running for next year. Administrator, FRP Advisory said there was “a limited window of opportunity”. The first race of the new Formula One season is on March 26th in Melbourne.
Geoff Rowley, administrator said, “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 Just Racing Services Limited (JRSL) into administration.”
Sister company to JRSL, Manor Grand Prix Racing Ltd are not in administration. They have the rights to the team’s participation in Formula one. There were no redundancies among the 212 staff and all were paid in full in December.
Formerly known as Marussia, Manor went into administration in 2014. It has been in discussions with investor groups and agreed a sale with an Asian consortium but the deal collapsed.
Stephen Fitzpatrick, Manor Racing’s owner, said in a letter to staff on Friday, “When I took over the team in 2015, the challenge was clear; it was imperative that the team finish in 10th place or better in 2016. For much of the season we were on track.
“But the dramatic race in Brazil ended our hopes of this result and ultimately brought into doubt the team’s ability to race in 2017.
“I look back on 2016 with pride in what Manor accomplished in what was the most successful year in the team’s history. I would like to thank the team for their constant hard work, determination and passion. We made a huge amount of progress on and off track but ultimately it was not enough.”