Manor F1 team goes into administration
6 January 2017 – In the wake of media speculation, it has been announced that the operating company of the Manor Formula 1 team has gone into administration, casting doubt over its future on the eve of the new season.
Sky News reported on Friday morning that Manor's recent discussions with potential investors had failed to produce an agreement, with FRP Advisory lined up to act as the administrator.
FRP Advisory has now been appointed joint administrator of Just Racing Services Ltd, which operates Manor, though no redundancies of the 212 staff at the team have been made thus far.
In a statement, joint administrator Geoff Rowley outlined the situation.
"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," explained Rowley.
"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."
Rowley added that time is of the essence for Manor, with pre-season testing getting under way in Spain next month, and the Australian Grand Prix opener taking place from March 24-26.
"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 said.
"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."