Manor F1 team has buyout offer

An offer to buy the Manor Formula 1 team has been made but the bidder requires an answer before Friday.

Manor F1 team has buyout offer
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Pascal Wehrlein, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05
Esteban Ocon, Manor Racing MRT05

Just Racing Services Ltd, the company that operates Manor, went into administration last week after talks to find an investor broke down.

It is believed the administrators FRP Advisory LLP are talking to interested parties, with one making an offer.

According to Motorsport.com's sister publication Autosport, the offer is for all three Manor companies - Just Racing Services Ltd, Just Racing Ltd and Manor Grand Prix Racing Ltd.

Just Racing Ltd, the holding company of Manor, and Manor Grand Prix Racing Ltd, the F1 and FOM licence holder, are not in administration.

The bidder believes that to ensure the cars can be built and tested on time, a decision on the offer is required before January 20.

If that deadline lapses without confirmation, the bidder could make a revised offer but it is expected to be lower given the reduced time and increased costs required to get the team on the grid.

FRP Advisory LLP declined to comment when approached by Autosport and Manor team principal Stephen Fitzpatrick could not be reached.

The administrators of Just Racing Services Ltd have agreed to pay all staff salaries to the end of January, extending the window to save the team.

The 2017 car is ready to go into production, but parts can not be produced as the administrators have put a block on spending to protect creditors.

The new season starts in Australia on March 26.

 

shares
comments
Mateschitz expects Red Bull to challenge for wins mid-season

Previous article

Mateschitz expects Red Bull to challenge for wins mid-season

Next article

Wehrlein confirmed at Sauber for 2017 F1 season

Wehrlein confirmed at Sauber for 2017 F1 season
Load comments
The ‘screaming’ F1 engine future that may not be out of reach Prime

The ‘screaming’ F1 engine future that may not be out of reach

OPINION: It wasn't just the Verstappen/Hamilton clash that had the Red Bull and Mercedes bosses at loggerheads at Silverstone, with the nature of Formula 1's 2025 engines also subject for disagreement. But hopes to have loud, emotive engines that are also environmentally friendly don't have to be opposed.

How Lotus uncovered, then squandered its last ‘unfair advantage’ Prime

How Lotus uncovered, then squandered its last ‘unfair advantage’

Cast in the mould of its founder Colin Chapman, Lotus was powerful and daring but flawed – as it proved through further soaring peaks and painful troughs into the 1980s. DAMIEN SMITH examines a game-changing era

Formula 1
Jul 27, 2021
The core problems Yas Marina’s long-awaited tweaks won't address Prime

The core problems Yas Marina’s long-awaited tweaks won't address

OPINION: Changes to the layout of Abu Dhabi’s circuit aim to reverse the trend of insipid Formula 1 races there - the promoter has even described one of the new corners as “iconic”. And that, argues STUART CODLING, is one of this venue’s abiding failings

Formula 1
Jul 26, 2021
How Ferrari offered Callum Ilott what Red Bull couldn't Prime

How Ferrari offered Callum Ilott what Red Bull couldn't

Last year's Formula 2 runner-up Callum Ilott could be on his way to becoming the first Briton to contest a grand prix in an Alfa Romeo since Reg Parnell in 1950. But, says Oleg Karpov, the Ferrari Driver Academy protege is having to temper his ambition at the moment – outwardly at least…

Formula 1
Jul 25, 2021
The signs that point to F1's rude health Prime

The signs that point to F1's rude health

OPINION: Formula 1's calendar might still be facing disruption as the pandemic affects travel but, says Mark Gallagher, the business itself is fundamentally strong thanks to the epic rivalry taking place on track and the consistent arrival of new sponsors.

Formula 1
Jul 24, 2021
The unexpected benefit of F1's sprint race repeat Prime

The unexpected benefit of F1's sprint race repeat

OPINION: Formula 1's sprint race trial at Silverstone drew mixed feedback on Saturday, but there remained the true test of how it would impact Sunday's Grand Prix. While fans were busy marvelling at Fernando Alonso's progress, a key lesson was being learned that would directly contribute to the dramatic lap-one clash at Copse the following day

Formula 1
Jul 22, 2021
The off-track considerations that led to Hamilton/Verstappen F1 shunt Prime

The off-track considerations that led to Hamilton/Verstappen F1 shunt

OPINION: Formula 1’s 2021 title fight turned ugly last weekend when Max Verstappen and Lewis Hamilton collided at the start of the British Grand Prix. Verstappen thankfully walked away unharmed, but this had been a clash long-since coming.

Formula 1
Jul 21, 2021
British Grand Prix Driver Ratings Prime

British Grand Prix Driver Ratings

The 2021 British Grand Prix will live long in the memory for the dramatic clash between Formula 1's two title protagonists, which opened the door for other drivers to capitalise. One did so in spectacular fashion, while others fluffed their lines

Formula 1
Jul 19, 2021