Manor Formula 1 team closes after efforts to find a buyer fail

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.

"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."

Although the parent company of Manor - Just Racing Services - will cease trading, the company that holds the right to race in F1 - Manor Grand Prix Racing Ltd - is not in administration.

FRP partner Geoff Rowley said he was saddened by the decision.

"It is deeply regrettable that the team has had cease trading and close its doors," he said.

"Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership.

"Operating and running an F1 team to the high standards demanded however requires significant ongoing investment.

"We would like to thank all the staff for their support and professionalism during this difficult process."