Manor Racing enter administration and are on the brink of collapse after failing to secure fresh investment
- Manor Racing face a fight over their future after entering administration
- Owner Sean Fitzpatrick: 'There is limited opportunity for would-be investors'
- No redundancies made and staff have been paid in full to end of DecemberĀ
- 2017 participation depends on administrators and talks with interested parties
- Manor made loss of Ā£11m after finishing bottom of Constructors' ChampionshipĀ
Manor Racing have gone into administration, leaving the Formula One future of the Banbury-based marque in doubt.
The team failed to secure fresh investment ahead of the 2017 season, which begins with the Australian Grand Prix on March 26, putting hundreds of jobs and their future in the sport at risk.
Geoff Rowley, joint administrator at FRP Advisory, acknowledged the team need significant ongoing investment if they are to continue competing in F1.
Manor Racing ownerĀ Stephen Fitzpatrick facedĀ Administrators FRP Advisory on Friday
Fitzpatrick had been in discussions with new investors to secure the team's long-term future
He said: 'The team have made significant progress under their 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 an F1 team requires significant ongoing investment.
'During recent months, the senior management team have worked tirelessly to bring new investment to the team to secure its long-term future, but regrettably have been unable to do so within the time available.'
The team, backed by energy boss Stephen Fitzpatrick, employs 212 staff and administrator FRP Advisory said while no redundancies have been made, the ongoing staff position is 'dependent on whether new investment can be secured'.
Ā The staff situation will remain 'dependent on whether new investment can be secured'
There is little time for a rescue deal to be struck in time for the new F1 season on March 26
The team's participation in March's season-opener Down Under 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', FRP said.
Manor Grand Prix Racing Ltd - the sister company of Manor's parent company Just Racing Services Limited, which holds the rights to compete in F1 - is not in administration.
In the final 2016 constructors' standings, Manor finished in last place with one point. German driver Pascal Wehrlein scored that solitary point at the Austrian Grand Prix.Ā
Ā
Most watched Sport videos
- Blaise Matuidi and team welcome Julian Draxler to Paris
- Arsene Wenger credits Preston performance after 2-1 win
- Manchester United 4 Reading 0: Jose Mourinho gives his verdict
- Manchester United player Morgan Schneiderlin seen training hard!
- Barcelona stars Messi and Suarez perform unique press-ups
- Virtual tour of Tottenham Hotspur's incredible new ground
- Jose Semedo disagrees and thinks Ronaldo will return to the PL
- Semedo: Cristiano Ronaldo WILL return to the Premier League
- A look at the history of Halloween in 100 seconds
- Zlatan strikes! Swede scarpers after spoiling Mhkitaryan's moment
- Jaap Stam's reaction to 4-0 loss to Manchester United
- West Ham 0-5 Man City: Guardiola's post match press conference
-
Sure you don't want to keep this one, Wayne? Rooney appears...
-
Jose Mourinho reveals half time team talk to Marcus Rashford...
-
Transfer news LATEST: LIVE Man Utd, Arsenal, Chelsea and...
-
The day Jose Semedo's mate Cristiano Ronaldo turned the joke...
-
Chelsea recall Nathan Ake from his loan spell at Bournemouth...
-
Manchester United midfielder Morgan Schneiderlin enjoys...
-
Chelsea 4-1 Peterborough, FA Cup RESULT: Antonio Conte's men...
-
Awkward fist-bumps, Mauricio Pochettino's fluorescent boots...
-
Mesut Ozil: 'I want to know Arsene Wenger's future before I...
-
Liverpool 0-0 Plymouth, FA Cup RESULT: League Two side earn...
-
Memphis Depay could still have a future at Manchester...
-
Chelsea 4-1 Peterborough: Pedro nets a brace to kill off the...