Offer made to buy Manor F1 team ahead of 2017 season

An offer to buy the Manor Formula 1 team has been made but the bidder requires an answer before Friday, Autosport has learned

Offer made to buy Manor F1 team ahead of 2017 season

Just Racing Services Ltd, the company that operates Manor, went into administration last week after previous talks to find an investor broke down.

It is believed the administrators FRP Advisory LLP are talking to interested parties, one of which has made an offer.

Autosport understands the offer is for all three Manor companies - Just Racing Services Ltd, Just Racing Ltd and Manor Grand Prix Racing Ltd.

Just Racing Ltd, the holding company of Manor, and Manor Grand Prix Racing Ltd, the F1 and FOM licence holder, are not in administration.

The bidder believes that to ensure the cars can be built and tested on time ahead of the start of the season, a decision on the offer is required before January 20.

If that deadline lapses without confirmation, the bidder could make a revised offer but it is expected to be lower given the reduced time and increased costs required to get the team on the grid.

FRP Advisory LLP declined to comment when approached by Autosport and Manor team principal Stephen Fitzpatrick could not be reached.

The administrators of Just Racing Services Ltd have agreed to pay all staff salaries to the end of January, extending the window to save the team.

The 2017 car is ready to go into production, but parts cannot be produced as the administrators have put a block on spending to protect creditors.

The new season starts in Australia on March 26.

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