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Motorsport Week

Manor F1 team goes into administration ahead of 2017 Formula 1 season

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9 years ago
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The Manor Formula 1 team is reportedly nearing collapse ahead of the 2017 season as talks with potential investors have broken down and the team has entered administration.

The team, which was rescued from bankruptcy by Ovo Energy owner Stephen Fitzpatrick in 2014, has been searching for investment and talks with two interested parties begun last year.

American investment led by Tavo Hellmund came close to doing a deal in November, but it's believed Fitzpatrick refused to meet the valuation set out by Hellund and his team. Whilst a second offer from an unknown consortium is also believed to have fallen through recently.

That has left the team in a precarious financial position, with Fitzpatrick placing Just Racing Services Ltd – the company which operates the team – into administration on Thursday evening.

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FRP Advisory, which handled the team's previous collapse when it was known as Marussia and had debts worth £35 million, has been appointed to oversee the process.

Administrator Geoff Rowley said: "The team has made significant progress since the start of 2015, but the position remains that operating a F1 team requires significant ongoing investment.

"The senior management team has worked tirelessly to bring new investment, but regrettably has been unable to do so within the time available.

"Therefore, they have been left with no alternative but to place [Manor Racing] into administration."

It's believed unless a rescue deal is completed within the next few days, the team will be unable to compete this year, with testing just weeks away.

The team have yet to announce their driver line-up, with Pascal Wehrlein set for a move to Sauber and Esteban Ocon moving to Force India.

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