Manor face a “very limited window of opportunity” to keep their place on the 2017 F1 grid as the team’s financial situation worsened two months ahead of the new season.
That’s the view of a representative of FRP Advisory, the firm which has taken over administration of the team’s parent company Just Racing Services Ltd. The development has come in spite of Manor ending the 2016 season as points-scorers. The team requested a payment advance from Formula One Management last November.
FRP was previously appointed administrators for the team at the end of 2014, when current owner Stephen Fitzpatrick took over.
Manor entered the 2015 championship using its 2014 hardware and was well off the pace. However it enjoyed a much more competitive showing last season with a new chassis and Mercedes power unit.
“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,” said joint administrator Geoff Rowley, “but the position remains that operating a F1 team requires significant ongoing investment.”
“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.”
The team’s dwindling chances of competing in 2016 rest on a buyer being found within a short amount of time.
“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,” said Rowley.
“No redundancies have been made 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.”
2017 F1 season
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