The 2017 Formula One grid may be reduced to just ten teams, as Manor enters administration and the frantic search for investors begins, just a few months away from the start of the season. It’s unknown whether the team will make it to the opening race in Australia.
The call was made on Friday by team owner Stephen Fitzpatrick, at which point FRP Advisory took control of Just Racing Services Ltd, the company which runs the team. According to reports, no staff members have been let go yet, although it will be inevitable if the company cannot find an investor to save the team.
The financial position of the team has been in doubt for many months and the team management has been searching for a new investor. Although there were reportedly many interested parties, none of these deals proceeded. Fitzpatrick reportedly invested €35.5m of his own money into the team after buying the team in 2015. The team’s inability to beat Sauber in the World Constructors’ Championship was a disaster for the team, considering last place in the championship carries no monetary award.
The backmarker team fell into financial crisis at the end of 2014, claiming bankruptcy and auctioning off some of their assets to pay creditors. However, a bid was made to save the team, although they would miss the first race of the season. The team was rebranded from Marussia to Manor and made many performance improvements under new ownership. However, the money has dried up.
Ron Dennis was briefly linked to a purchase of the team, but this is just another rumor that never materialized. The team will use the winter break to secure their future in the sport, although this will likely have an impact on the car development and throw them off schedule. The staff will be paid until December 2015 and reports suggest that their future with the company is contingent upon finding a new investor.
It’s unknown what developments, if any, have been made on the 2017 car.
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