Manor fails to find buyer, ceases trading

Manor fails to find buyer, ceases trading

27 January 2017 – Just Racing Services Limited, the operating company of the Manor Formula 1 team, has ceased trading, with staff, who will be paid to the end of the month, sent home, administrators have announced.

Manor, following failed investment talks, fell into administration earlier this month, with owner Stephen Fitzpatrick admitting that losing 10th in the 2016 standings was a major blow to the outfit's future.

FRP Advisory and Manor senior management continued to work toward a rescue deal, which resulted in talks with "a number of interested parties", and secured staff funding through January.

However, sufficient investment for the upcoming Formula 1 season could not be sourced, and JRSL has now ceased trading, with staff sent home from the team's Banbury factory on Friday.

All but a small handful of 212 staff are expected be made redundant by the end of January.

"It is deeply regrettable that the team has had to cease trading and close its doors," said joint administrator Geoff Rowley.

"Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership.

"Operating and running a F1 team to the high standards demanded however requires significant ongoing investment.

"Just Racing Services Limited was put into administration at the start of January shortly after attempts to sell the business fell through at the last hurdle.

"The administration process provided a moratorium to allow for attempts to secure a long term viable solution for the team within in a very limited time-frame but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight time-frame.

"We would like to thank all the staff for their support and professionalism during this difficult process.

"We shall initiate a formal redundancy process for all staff on Tuesday, once they have been paid for the full month of January.

"As joint administrators our immediate focus will be to assist staff who will have lost their jobs and to provide them with the necessary support to submit timely claims to the Redundancy Payments Service."

Manor Grand Prix Racing Ltd, the sister company of JRSL, which holds the rights for the team's participation in Formula 1, is not in administration.

Formula 1's grid will thus feature only 20 cars in 2017.

related

Comments

Latest News
Full
Compact

  1. Wednesday 26 April 2017

  2. Video: Onboard lap of Sochi Autodrom 10:22

    Video: Onboard lap of Sochi Autodrom

    Ahead of this weekend's Russian Grand Prix, ride onboard for a lap of the 5.8km Sochi Autodrom circuit.

    F1
  3. Wolff encouraged by progress of juniors 09:34

    Wolff encouraged by progress of juniors

    Mercedes boss Toto Wolff has praised the progress made by youngsters Pascal Wehrlein and Esteban Ocon in Formula 1 this season…

    F1
  4. Monger thanks supporters after accident 08:41

    Monger thanks supporters after accident

    Billy Monger has expressed gratitude for the "awesome and truly inspirational" support he has received in the wake of his…

    Misc
  5. Hildebrand to make return at Phoenix 08:24

    Hildebrand to make return at Phoenix

    J. R. Hildebrand will return to IndyCar at Phoenix this weekend, having set out the preceding event at Barber through…

    Indy
  6. Preview: F1 field faces Olympic challenge 07:32

    Preview: F1 field faces Olympic challenge

    Formula 1 moves on to Sochi Autodrom for the fourth round of the season, where another Ferrari/Mercedes battle is anticipated.…

    F1
  7. Video of the Day: GP of Alabama cutdown 05:37

    Video of the Day: GP of Alabama cutdown

    Watch extended highlights of last weekend's Grand Prix of Alabama at the Barber Motorsports Park.

    Indy
  8. Tuesday 25 April 2017

  9. F1 to focus on 'shield' system for 2018 20:13

    F1 to focus on 'shield' system for 2018

    Formula 1 is to favour a 'shield' head protection device for the 2018 season, rather than the previously proposed 'halo' system…

    F1
  10. 17:02

    Follow GPUpdate on Instagram in 2017!

    F1
  11. Pérez: Force India has taken opportunities 15:47

    Pérez: Force India has taken opportunities

    Sergio Pérez has praised Force India for taking its chances in the early rounds of the 2017 season, enough to put the team at…

    F1
  12. Sirotkin to get practice run in Russia 14:15

    Sirotkin to get practice run in Russia

    Renault reserve driver Sergey Sirotkin will make his first practice outing of the season at his home Grand Prix in Russia, the…

    F1
  13. Pirelli expecting one-stop Russian GP 13:30

    Pirelli expecting one-stop Russian GP

    Formula 1 tyre supplier Pirelli is expecting this weekend's Russian Grand Prix to be a one-stop race, given the "low-severity…

    F1
  14. Video: Michelin's all-weather FE tyres 12:04

    Video: Michelin's all-weather FE tyres

    Formula E provides an insight into the technology behind Michelin's all-weather tyres.

    FE
  15. Lorenzo: Front tyre graining hid step 11:12

    Lorenzo: Front tyre graining hid step

    Ducati's Jorge Lorenzo is adamant that he made another "step forward" at the Grand Prix of the Americas, pinning his late slump…

    MotoGP
  16. Newgarden hails 'fluid' Penske integration 09:53

    Newgarden hails 'fluid' Penske integration

    Josef Newgarden has praised Penske for its efforts to help him integrate over the off-season, after he claimed his first victory…

    Indy
  17. Video: Alonso's Alabama IndyCar visit 09:03

    Video: Alonso's Alabama IndyCar visit

    Follow Fernando Alonso as he tours the IndyCar paddock at the Barber Motorsports Park.

    F1
  18. Alonso targets two-car McLaren finish 07:32

    Alonso targets two-car McLaren finish

    Fernando Alonso hopes that McLaren-Honda will be able to record a two-car finish at this weekend's Russian Grand Prix, after a…

    F1
  19. Video of the Day: Kvyat 360° Sochi lap 05:36

    Video of the Day: Kvyat 360° Sochi lap

    Toro Rosso's Daniil Kvyat takes you on a virtual 360° lap of Sochi Autodrom ahead of the Russian GP.

    F1
  20. Monday 24 April 2017

  21. Video: Alonso press conference at Barber 16:04

    Video: Alonso press conference at Barber

    Watch as Fernando Alonso fields questions about his upcoming attempt at the Indianapolis 500.

    F1
  22. In photos: Alonso visits IndyCar paddock 12:35

    In photos: Alonso visits IndyCar paddock

    Fernando Alonso attended last weekend's Grand Prix of Alabama as part of his preparations for an assault on the Indianapolis 500…

    F1
  23. Video: Performing a perfect FE pit-stop 12:02

    Video: Performing a perfect FE pit-stop

    Venturi driver Maro Engel talks through the key elements to pull off a perfect Formula E pit-stop.

    FE
  24. Viñales vows to return 'stronger' after crash 11:12

    Viñales vows to return 'stronger' after crash

    Maverick Viñales says he will quickly put his crash at the Grand Prix of the Americas to the back of his mind and return…

    MotoGP
  25. Venturi calls up Dillmann for Paris ePrix 10:20

    Venturi calls up Dillmann for Paris ePrix

    Tom Dillmann will make his Formula E debut with Venturi in next month's Paris ePrix. Dillmann, who won the Formula V8 3.5…

    FE
  26. Rossi's 2017 title lead 'a great surprise' 10:02

    Rossi's 2017 title lead 'a great surprise'

    Valentino Rossi says it comes as "a great surprise" to himself and Yamaha that he leads the MotoGP title race after the first…

    MotoGP
  27. Video: IndyCar GP of Alabama highlights 09:32

    Video: IndyCar GP of Alabama highlights

    Watch highlights of Sunday's IndyCar Grand Prix of Alabama at the Barber Motorsports Park.

    Indy
  28. Márquez 'back' in title race with Austin win 09:16

    Márquez 'back' in title race with Austin win

    Repsol Honda rider Marc Márquez says he is "back in the championship" fight after his victory at the Grand Prix of the Americas…

    MotoGP
  29. Video of the Day: Prema's 'Guess the song' 05:24

    Video of the Day: Prema's 'Guess the song'

    Prema Formula 2 drivers Charles Leclerc and Antonio Fuoco, along with Formula 4 pair Juri Vips and Juan Manuel Correa, challenge…

    F2
  30. 03:10

    MotoGP standings after GP of the Americas

    MotoGP
  31. Sunday 23 April 2017

  32. 22:50

    Latest IndyCar photos: Sunday at Barber

    Indy
  33. Newgarden wins after Power's puncture 22:48

    Newgarden wins after Power's puncture

    Josef Newgarden won for the first time as a Penske driver, holding off Scott Dixon at the Grand Prix of Alabama after race…

    Indy
  34. 21:10

    Latest MotoGP photos: Sunday at Austin

    MotoGP
  35. 21:07

    In full: GP of the Americas race results

    MotoGP
  36. Márquez takes fifth straight Austin victory 20:53

    Márquez takes fifth straight Austin victory

    Reigning World Champion Marc Márquez preserved his perfect record at the Circuit of the Americas as he claimed victory, while…

    MotoGP
  37. 19:00

    Starting grid for the GP of the Americas

    MotoGP
  38. Video: Super Formula Suzuka highlights 13:59

    Video: Super Formula Suzuka highlights

    Watch race highlights from Sunday's opening round of the 2017 Super Formula season at Suzuka.

    SF
  39. Nakajima wins race, Gasly top rookie 13:23

    Nakajima wins race, Gasly top rookie

    Former Formula 1 driver Kazuki Nakajima triumphed at the opening Super Formula round of the season at Suzuka as Red Bull reserve…

    SF
  40. Lorenzo pleased to confirm 'good feeling' 13:06

    Lorenzo pleased to confirm 'good feeling'

    Jorge Lorenzo says he was lifted by confirming the "good feeling" he developed at the preceding round in Argentina, as he…

    MotoGP
  41. Video: GP of Alabama qualifying highlights 10:56

    Video: GP of Alabama qualifying highlights

    Watch highlights from Saturday's track action for the Grand Prix of Alabama at the Barber Motorsports Park.

    Indy
  42. Márquez 'didn't expect' Austin pole position 09:24

    Márquez 'didn't expect' Austin pole position

    Marc Márquez says he "didn't expect" to claim pole position for the Grand Prix of the Americas, having struggled across the…

    MotoGP
  43. Video of the Day: Verstappen photobombs fans 05:34

    Video of the Day: Verstappen photobombs fans

    Red Bull Formula 1 driver Max Verstappen surprises customers at a supermarket in his native Netherlands...

    F1
  44. Saturday 22 April 2017

  45. 23:16

    Latest IndyCar photos: Saturday at Barber

    Indy
more news