No Manor Racing team on the Formula One grid in 2017
Manor Racing wouldn’t compete in the 2017 Formula One season, as struggling F1 team didn’t find a buyer that could revive team’s operations. Attempts to find a buyer intensified immediately after the 2016 season was close, but the search was a failure and now the team will close.
The team from Banbury, UK, went into administration earlier this month because Manor didn’t get a financial support which will help the team to survive. Nobody wants to buy an F1 team so administrators FRP Advisory decided on Friday to stop the search. FRP Advisory informed all employees that no buyer would be found and decided that Manor’s parent company Just Racing Services would cease trading.
Here’s the statement issued by FRP Advisory: “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.”