Following a large amount of speculation surrounding the future of the Manor F1 Team, it has been confirmed that the team has failed to find and secure an investor for 2017.
Manor F1 Team enter administration
With the Manor F1 Team being placed under administration, 212 jobs at the team have been placed under threat, although redundancies at the outfit are yet to be made. However, due to the team falling into administration on the eve of the forthcoming 2017 Formula 1 Season, there is limited time to find an answer to Manor’s problems before the Australian Grand Prix.
The Manor F1 Team have made significant progress since 2015 while under new ownership, securing their second points finish in the history of the team at the 2016 Austrian Grand Prix. In 2016 however, Manor were narrowly pipped to the post to secure tenth place in the Constructors Championship by the Sauber F1 Team, meaning that the team once again finished in 11th and last place, costing the team millions in prize money and in potential sponsors.
FRP Advisory LLP have been appointed as the joint administrators of the operating company of Manor, Just Racing Services Ltd.
Joint administrator, Geoff Rowley, when interviewed by Motorsport.com, stated that:
“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.”
In order to make it on the grid for the Australian Grand Prix on March 26th, it is vital for a quick solution to be found.
Pre-season testing starts for the 2017 Formula 1 Season on February 27th in Barcelona in what will be a series of two four day sessions. The first set of sessions will be from February 27th – March 2nd. The second set of sessions will start on March 7th and will end of March 10th, marking the end of pre-season testing.
With Manor being under administration and still needing both of their drivers for the forthcoming F1 Season, it may be difficult for the team to appear at pre-season testing ahead of the Australian Grand Prix.