Manor ceases trading after not finding a buyer

Manor ceases trading after not finding a buyer

199
0
SHARE
Sepang, Malaysia, Manor, Formula 1
Source: ATP

The Manor F1 Team failed to find a buyer and collapsed. Its operating company – Just Racing Services – ceased trading on Friday. It was in administration since January 6th. All staff was made redundant. The procedure on closing the business will be complete on Tuesday next week.

“There is no sustainable operational or financial structure in place to maintain the group as a going concern”, the administrators from FRP Advisory explained.

Manor’s demise leaves Formula 1 with 10 teams for the 2017 season.

The team scored 1 point in the 2016 Formula 1 season. Pascal Wehrlein took it in the Austrian Grand prix. At the end of the season however, Sauber passed Manor in the standings. That cost the Banbury team millions of dollars.

Manor F1 Team failed to find a buyer and collapsed

The news urged Anneliese Dodds to call for an investigation of the profits distribution system in Formula 1. Mrs. Dodds is a member of the European Parliament. She brought up the question earlier.

“The collapse of Manor Racing could be the end of seven turbulent years for a team that brought highly skilled jobs to Oxfordshire. I am very concerned that this follows other job losses in small teams”, Dodds pointed out.

She added that Manor’s collapse calls for investigation of Formula One Group, its owners and the FIA as a regulator. According to her statement the unfair way of allocating the prize money favours the largest teams. This is the cause for many teams’ struggle to survive “and ultimately reduced the number of cars on the grid. I will be writing to the Commission to call on them to take serious action on the way F1 is run, before a sport loved by 500 million fans is damaged beyond repair.”

LEAVE A REPLY