Manor Racing MRT have gone into administration, doubts have now surfaced regarding their attendance in the 2017 Formula 1 season.
It emerged on Friday morning, that the future of the Banbury based outfit could be under threat. Staff at the Banbury factory were informed this morning in a meeting, that hopes of finding an investor had failed. With FRP Advisory LLP appointed as joint administrators of Just Racing Services Ltd, the company that operates Manor.
Redundancies of the 212 staff have yet to be made, with joint administrator Geoff Rowley admitting there was limited time for a solution before the start of the season in two months time in Australia.
“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.”
With the team in administration, it is yet unclear if they will be able to make the Australian Grand Prix on March 26. The decision for Manor to participate would depend on finding a quick solution.
“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.”