Manor F1 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.

Manor F1 team goes into administration
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Pascal Wehrlein, Manor Racing MRT05, Esteban Ocon, Manor Racing MRT05
Listen to this article

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

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

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 the 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 the team 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's Formula 1 future in doubt
Previous article

Manor's Formula 1 future in doubt

Next article

Manor's fate sealed by Brazilian GP blow, says Fitzpatrick

Manor's fate sealed by Brazilian GP blow, says Fitzpatrick
Why is Oscar Piastri F1's most sought-after rookie? Prime

Why is Oscar Piastri F1's most sought-after rookie?

The Australian rising star is fast, consistent, confident, adaptable and has shown excellent racecraft, but there’s already a taint to his reputation. That hasn’t stopped him becoming the hottest property in this year’s F1 driver market and why McLaren moved fast to snap up the 21-year-old

Formula 1
Sep 30, 2022
The unintended benefit that F1's new engine rules era will deliver Prime

The unintended benefit that F1's new engine rules era will deliver

Formula 1's incoming engine rules shake-up has multiple targets. But it may also solve what has been a bone of contention since the hybrids arrived in 2014. The new plan will allow the series to pump up the volume

Formula 1
Sep 29, 2022
How de Vries made himself impossible to ignore for a belated F1 chance Prime

How de Vries made himself impossible to ignore for a belated F1 chance

Nyck de Vries appeared to have missed his opportunity to break into Formula 1 as he was passed over for more exciting talents who have now become frontrunners and title fighters. But after catching the eye outside of the F1 sphere, before his stunning impromptu grand prix debut in Italy, will it lead to a delayed full-time race seat?

Formula 1
Sep 29, 2022
Can Hamilton produce another Singapore magic moment? Prime

Can Hamilton produce another Singapore magic moment?

The Singapore Grand Prix has, explains Ben Edwards, played an important role in Lewis Hamilton’s Formula 1 career. As the series returns to the Marina Bay Street Circuit for the first time in three years, he faces the latest challenge with an underperforming Mercedes car.

Formula 1
Sep 28, 2022
Why Sainz is key to Ferrari achieving its chairman's F1 goals Prime

Why Sainz is key to Ferrari achieving its chairman's F1 goals

Although Ferrari's chances of title glory in 2022 have evaporated, chairman John Elkann expects the team to have chalked up both championships by 2026. Both require drivers to play the team game and, having now become more comfortable with the F1-75, Carlos Sainz may be Ferrari's key to title glory

Formula 1
Sep 27, 2022
How its faltering first turbo car advanced a Williams-Honda glory era Prime

How its faltering first turbo car advanced a Williams-Honda glory era

Stuart Codling charts the development of the Williams FW09, the ugly duckling that heralded the start of the title-winning Williams-Honda partnership

Formula 1
Sep 25, 2022
The Moss-Ferrari farce that current F1 drivers are thankfully spared Prime

The Moss-Ferrari farce that current F1 drivers are thankfully spared

Recent moves within the driver market have reminded Maurce Hamilton of a time when contracts weren’t worth the paper they weren’t written on…

Formula 1
Sep 24, 2022
The seven factors powering Verstappen's 2022 F1 domination Prime

The seven factors powering Verstappen's 2022 F1 domination

After a tooth and nail and, at times, toxic Formula 1 world championship scrap last year, Max Verstappen's march to a second consecutive title has been the exact opposite. But has he really changed in 2022? Here's a dive into what factors have played a crucial role, both inside the Verstappen camp and elsewhere, in the Dutch driver's domination.

Formula 1
Sep 23, 2022