The Manor Formula 1 team has ceased trading, its administrators have confirmed, after no buyer was found for the operation ahead of the 2017 season.
Manor’s parent company, Just Racing Services Limited, was placed into administration on January 6, though the search continued to find a buyer for the team, which finished at the foot of the 11-team championship in 2016.
Negotiations continued with 'a number of interested parties', while funding was secured to enable staff to be paid until the end of January.
However, administrators FRP Advisory announced on Friday that its search for a new buyer had been unsuccessful and that the team had ceased trading, with all staff sent home from its Banbury factory.
"It is deeply regrettable that the team has had to cease trading and close its doors,” said Geoff Rowley, joint administrator.
“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 timeframe but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight timeframe.
"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."
FRP Advisory added that Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights for the team's participation in F1, is not in administration.
Feature: Manor's time in Formula 1
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