Manor F1 Team went into administration. That happened after the team could not find a new buyer.
The British businessman Stephen Fitzpatrick (owner of the OVO energy company) bought Manor two years ago. He tried to find new investors and towards the end of 2016 was sure a deal was imminent. According to a BBC Sport source the management informed the employees today. The source added that a couple of potential buyers went as far as conducting a due diligence process but none provided the necessary for a deal funds. There was also no proof any of them had enough money to run the team.
“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 JRSL into administration”, administrator Geoff Rowley said, quoted by BBC Sport.
Potential buyers of the Manor team had no proof for sufficient funds
Administrators FRP explained that the process affected Manor’s operating company Just Racing Services. Manor Grand Prix Racing is the company, which owns the rights to the team’s participation in F1. It is not in administration.
Manor was on the verge of collapsing at the end of 2014. It originally started racing in Formula 1 as Virgin Racing in 2010. The name changed to Marussia Virgin Racing for 2011 because of a new sponsor. In 2012 the team became Marussia F1 Team. During the second half of 2014 it went into administration before Fitzpatrick rescued it in January 2015.
2016 was Manor’s most competitive season but was still last in the constructors’ championship (11th). Prospective buyers included Tavo Hellmund – he was the driving force for returning F1 to the United States – and according to some reports Ron Dennis.
