The Manor F1 team will close its doors ahead of the 2017 Formula 1 season after the search to find a buyer has failed.
The team went into administration earlier this month after talks with potential investors towards the end of last year’s season fell through.
Administrators FRP Advisory knew they had a short window to find a buyer on the eve of the 2017 season with pre-season testing just over a month away. Despite initial interest from potential buyers, discussions didn’t go far enough for FRP to approve due to concerns the finances weren’t enough to save the team in such a short time.
As a result, FRP informed staff on Friday that no buyer would be found and that Manor’s parent company, Just Racing Services, would cease trading.
A statement from 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 been 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 will be paid on Tuesday 31 January, all but a small handful of staff are expected be made redundant by the end of January.”
It is interesting to note, however, that while the parent company of Manor Racing, Just Racing Services, will cease to trade, Manor Grand Prix Ltd., the company the holds the right to race in Formula 1, is not in administration.
Image via LAT