Operator of Manor Formula 1 team goes into administration

The company that operates the Manor Formula 1 team has gone into administration, casting doubt over the future of the outfit on the eve of the 2017 season

Operator of Manor Formula 1 team goes into administration

Following growing speculation on Friday morning about the fate of the outfit, staff were called to a meeting at Manor's Banbury factory to be informed that hopes of finding an investor to save it had failed.

Sauber's Brazilian GP points sealed Manor's fate

Instead, FRP Advisory LLP had been appointed as joint administrators of the Just Racing Services Ltd company that operates Manor.

A statement from Manor read: "The decision comes after several months of discussions with investors in an effort to secure the best future for the team: discussions that had recently progressed with a particular investor to the signing of heads of terms.

"Unfortunately, the investor was unable to advance a final agreement in a timescale that would have avoided impacting upon the team's 2017 racing programme and the directors have had no alternative but to place the team in administration."

Geoff Rowley, the joint administrator, said that no redundancies of the 212 staff at the team had yet been made - but he admitted that there was limited time to try to find a solution before F1's season-opening Australian Grand Prix.

"The team has made significant progress under its new ownership since the start of 2015, the highlight of which included securing a constructors' championship point in the preceding F1 season, but the position remains that operating a F1 team requires significant ongoing investment," he said in a statement.

"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 JRSL into administration.

"The joint administrators are currently assessing options for the Group."

Regarding Manor being able to make the season opener in Australia on March 26, Rowley said that everything would depend on finding a quick solution with any interested parties.

"The team's participation will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity," he explained.

"No redundancies have been made following JRSL's entering into administration and all staff have been paid in full to the end of December.

"The ongoing staff position will however be dependent on whether new investment can be secured in the limited time available and the joint administrators will continue to review the ongoing financial position."

shares
comments
Manor Formula 1 team's future in doubt

Previous article

Manor Formula 1 team's future in doubt

Next article

2017 Formula 1 cars will redefine corners, McLaren's Goss predicts

2017 Formula 1 cars will redefine corners, McLaren's Goss predicts
Load comments

About this article

Series Formula 1
Teams Manor Racing
Author Jonathan Noble
How 2021's midfielders have taken lessons from F1's top teams Plus

How 2021's midfielders have taken lessons from F1's top teams

Formula 1’s latest Imola adventure turned into an expensive trip for many teams due to several crashes throughout the weekend. While balancing the books is an added factor in 2021 with the cost cap, a few midfield teams have cashed in early on development investments

Emilia Romagna Grand Prix Driver Ratings Plus

Emilia Romagna Grand Prix Driver Ratings

A frantic wet race at Imola produced plenty of excitement and drama as drivers scrabbled for grip. Amid the hatful of mistakes and incidents that ensued, who kept their noses cleanest?

How the Emilia Romagna GP result hinged on three crucial saves Plus

How the Emilia Romagna GP result hinged on three crucial saves

Rain before the start of the Emilia Romagna Grand Prix promised to spice up the action, and the race certainly delivered on that. Max Verstappen got the best launch to win from Lewis Hamilton, but both got away with mistakes that could have had serious consequences

The back-bedroom world-beater that began a new F1 era Plus

The back-bedroom world-beater that began a new F1 era

The first in a line of world beaters was designed in a back bedroom and then constructed in a shed. STUART CODLING recalls the Tyrrell 001

Formula 1
Apr 18, 2021
The clues Hamilton’s F1 contract afterthought gives to his future Plus

The clues Hamilton’s F1 contract afterthought gives to his future

The Formula 1 world reacted with surprise when it learned Lewis Hamilton’s long-awaited new Mercedes deal guarantees his presence on the grid only until the end of 2021. Both parties claimed publicly they were happy with the arrangement but, asks MARK GALLAGHER, is there more to it than that?

Formula 1
Apr 17, 2021
How a harshly ejected Red Bull star has been hooked by racing again Plus

How a harshly ejected Red Bull star has been hooked by racing again

Driver-turned-DJ Jaime Alguersuari lost his love for motorsport when he was booted out of Formula 1 just as he was starting to polish his rough edges. Having drifted from category to category then turned his back on racing altogether in 2015, he’s come full circle and is planning a return in karts for fun

Formula 1
Apr 17, 2021
Why Mercedes isn't confident it's really ahead of Red Bull at Imola Plus

Why Mercedes isn't confident it's really ahead of Red Bull at Imola

While Mercedes struck back against Red Bull by topping the times at Imola on Friday ahead of the Emilia Romagna Grand Prix, the overall picture remains incredibly close. Despite having a possible edge this weekend, the reigning Formula 1 world champion squad is not taking anything for granted...

Formula 1
Apr 16, 2021
What Mercedes must do to keep its F1 title challenge on track Plus

What Mercedes must do to keep its F1 title challenge on track

Mercedes may find itself leading the drivers' and constructors' standings after Lewis Hamilton's victory in the Bahrain Grand Prix, but it is well-aware that it came against the odds, with Red Bull clearly ahead on pace. Here's what the Brackley team must do to avoid its crown slipping

Formula 1
Apr 16, 2021