Manor Racing have gone into administration, leaving the Formula One future of the Banbury-based marque in doubt.
The team failed to secure fresh investment ahead of the 2017 season, which begins with the Australian Grand Prix on March 26th, putting hundreds of jobs and their future in the sport at risk. Geoff Rowley, joint administrator at FRP Advisory, acknowledged the team need significant ongoing investment if they are to continue competing in F1.
“The team have made significant progress under their 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 an F1 team requires significant ongoing investment,” said Rowley.
“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 have been unable to do so within the time available.”
Redundancies
The team, backed by energy boss Stephen Fitzpatrick, employs 212 staff and administrator FRP Advisory said while no redundancies had been made, the ongoing staff position was "dependent on whether new investment can be secured".
The team’s participation in March’s season-opener Down Under 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”, FRP said.
Manor Grand Prix Racing Ltd – the sister company of Manor's parent company Just Racing Services Limited, which holds the rights to compete in F1 – is not in administration. In the final 2016 constructors' standings, Manor finished in last place with one point.
German driver Pascal Wehrlein scored that solitary point at the Austrian Grand Prix.
