'Manor F1 team lines up administrator'
6 January 2017 – Manor is on the brink of collapsing into administration ahead of the new Formula 1 season, with recent investment talks failing to result in an agreement, according to a report by Sky News.
Sky News reports that the team, funded by OVO Energy founder Stephen Fitzpatrick over the past two seasons, has called on FRP Advisory to act as the administrator, if required.
Fitzpatrick stated in November that Manor had agreed terms with a new investor, but neither he – nor fellow team representatives – have made any further comments on the matter.
Approximately 200 staff work for Manor under its current guise.
Manor held 10th in the standings for much of the 2016 season, after Pascal Wehrlein's point in Austria, but Felipe Nasr's run to ninth in Brazil secured the position for Sauber.
Only the top 10 teams currently benefit from Formula 1's full prize fund.
At the 2016 season finale in Abu Dhabi, Fitzpatrick had commented: "It [losing 10th position] doesn't help financially, but the terms of our agreement have been… refinalised, let's say.
"It was clear that in 10th, with two races left, there are lots of scenarios, and you plan for those in advance, so from my point of view it's disappointing, but it's not unexpected."
Formula 1's pre-season testing period gets under way next month, with the Circuit de Barcelona-Catalunya hosting sessions from February 27 to March 2 and March 7 to 10.