The FIA has chosen to reimburse the defunct Manor Racing squad’s 2017 entry fee. In a “gesture of goodwill” from Formula 1’s sporting body, the sum of $522,322 (£394,741) was refunded to the former team’s parent company, Just Racing Services Limited, as a contribution towards the group’s outstanding debts.
Once the Just Racing Group went into administration in January, chief Stephen Fitzpatrick had no choice to withdraw Manor Racing’s entry, despite a rescue bid for the team attracting interest from some 50 different investors, according to administrators. Ultimately, none appeared to have “the cash resources to enable the company to return to solvency”.
In a statement, the FIA told of its decision to “return the entry fee, less the administrative costs incurred by the Federation as part of the entry process, to the entity within the Manor Group in administration as a gesture of goodwill to assist in payment of outstanding debts.”
Following the failed bid to find new investors, Just Racing auctioned-off several thousand of the former team’s assets with the proceeds going to the outfit’s creditors.