Manor Formula 1 team's future in doubt

The future of the Manor Formula 1 team has been thrown into doubt amid mounting suggestions that the outfit is on the verge of going into administration

Manor Formula 1 team's future in doubt

After months of negotiations to try to find an investor to secure the outfit's place in F1, matters appear to have reached a head on the eve of the 2017 season.

UPDATE: Manor operator goes into administration

American investors led by race promoter Tavo Hellmund had been close to a deal several weeks ago but discussions are understood to have broken down.

Talks with other potential buyers appear to have failed to reach a conclusion too.

Sources now suggest that unless a last-minute deal is completed, the team could be placed into administration imminently.

A report on Sky News on Friday morning went as far as suggesting that Manor's parent company - Just Racing Services Limited - was lining up FRP Advisory to act as the adminstrator.

FRP was brought in by Manor's predecessor, Marussia, at the end of 2014 when that company collapsed with £35 million worth of debts.

Manor suffered a huge blow at the Brazilian Grand Prix when Sauber scored two points to leapfrog it in the constructors' championship standings - costing it valuable commercial rights income that it would have got as a top 10 team.

At the time, Manor's owner Stephen Fitzpatrick said that losing 10th spot did not directly place the future of the outfit in jeopardy.

"Not a deal-breaker," he said.

"It doesn't help financially, but the terms of our agreement have been... re-finalised, let's say.

"It was clear that in 10th place with one point on the board, two races left, that there are lots of scenarios and you plan for those in advance.

"So, from my point of view it's disappointing but it's not unexpected - or at least not a surprise."

Manor was unavailable for comment on Friday morning in response to the news.

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