The likelihood of Manor competing in the season opener in Australia is rapidly decreasing, as the team needs to find an investor to take over the team by January 20. The company that runs the team, Just Racing Services, went into administration last Friday.
The team has been searching for a new investor to purchase the team for the past few months, but no deals have been reached, prompting the team owner Stephen Fitzpatrick to put the team into administration. FRP Advisory has taken over control of the team until an owner can be found. It is understood that no staff members have been laid off that this point.
The team still hopes to make it to the 2017 grid in time for Australia. According to reports, development on the 2017 car is ready to get started. However, the administration team is preventing them from starting production in order to prevent further financial debt. John McQuilliam, the team’s former technical director, is no longer employed by the team following his resignation, although he continues to work for the team.
Sources indicate that the deadline to find an investor is January 20, after which the team’s fate will be inevitable. Although there were a few names linked to a Manor takeover in December, there are currently no willing investors in sight.
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