Anton Andres / Manor F1 Team | February 01, 2017 15:28
Manor Racing closes due to financial troubles
At the start of year, Manor Racing filed for bankruptcy protection and tried to find a buyer for the past weeks. The team has now announced that they will be closing after they were unable to secure the funds to allow Manor Racing to run Formula 1 this year.
Team administrators FRP Advisory said that there were many interested in buying Manor Racing but negotiations never got off the ground. FRP Advisory also said that discussions did not reach a point where there were confident that the team can be saved from shutting down. On January 27, the financial consultancy firm took the step to close down Just Racing Services, Manor Racing's parent company.
In a statement by FRP Advisory, “ the joint administrators have now ceased trading JRSL and unfortunately have had to send all staff home from work today Friday 27 January. While all 212 staff will be paid on Tuesday 31 January, all but a small handful of staff are expected be made redundant by the end of January."
"It is deeply regrettable that the team has had cease trading and close its doors. 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,” said Geoff Rowley, administrator for FRP Advisory.