Manor may have found an interested buyer for the team, but the investor will reportedly require a response from the team before this upcoming Friday. The team went into administration last week following the collapse of a potential buyout.
According to reports, Manor has received an offer to buy out the three companies involved with the Manor team. The administration company, FRP Advisory LLP, has been talking with various interested parties, but only one has made an offer. The administrators seems to be confident in the deal, as the company agrees to pay employees for the month of January.
The potential deal involves all three Manor company: Just Racing Ltd, the holding company that currently owns the team; Just Racing Services Ltd, a company operating the team; and Manor Grand Prix Racing Ltd, the F1 and FOM license holder. At the current moment, Just Racing Services Ltd is the only one of the three companies that is under administration.
Production of the 2017 car is reportedly ready to get underway, but the administrators have prevented the team from starting the work in order to prevent further debt and expenses. It is believed that the investor requires a decision before January 20 in order to have enough time to get the team ready for the start of the season.
There is currently no information regarding the identity of the investor, nor is there any predicted valuation on the deal.
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