F1: Manor on brink of collapse, enters administration

The operating company for Manor Racing has entered administration, leaving a "very limited window" to save the team.

Team owner Stephen Fitzpatrick announced during the Abu Dhabi Grand Prix weekend that Manor was on the verge of agreeing a deal with a new investor, but it was never finalized. Further negotiations with interested parties failed to result in a successful outcome, leading Just Racing Services Limited (JRSL) – the operating company for the Formula 1 team – to be put in administration. Team members were told on Friday morning at the Manor headquarters in Banbury, UK.

While the company that holds the rights to Manor's participation in F1 – Manor Grand Prix Racing Ltd. – is not in administration, the team will collapse if new investment is not found.

FRP Advisory LLP have been appointed as administrators, as the business advisory firm had been in 2015 when Manor – then Marussia – was last in administration. On that occasion, a deal with Fitzpatrick was agreed which kept the team alive off the back of finishing 10th in the constructors' championship the year before.

Manor finished 11th last season, losing out to Sauber at the penultimate race, a result that cost the team in the region of $12.4m in prize money. With pre-season testing due to start at the end of next month, joint administrator Geoff Rowley admits there is limited time to save the team.

"The team has made significant progress under its 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 a F1 team requires significant ongoing investment," Rowley said.

"During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, 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.

"The joint administrators are currently assessing options for the Group. The 2017 season commences on March 26 in Australia, and the team's participation 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.

"No redundancies have been made following JRSL's entering into administration and all staff have been paid in full to the end of December.

"The ongoing staff position will however be dependent on whether new investment can be secured in the limited time available and the joint administrators will continue to review the ongoing financial position.

"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. We remain highly focused on engaging with interested parties."

Manor had yet to confirm either of its drivers for the 2017 season, with Esteban Ocon having moved to Force India and fellow Mercedes youngster Pascal Wehrlein set to join Sauber if he's not selected as Nico Rosberg's replacement.