Having had no luck in finding a buyer for Manor, the team’s administrators have made the decision to cease operation. The team entered administration earlier in January.
There were reportedly several interested buyers looking at Manor, but none of these interests have transferred into an offer. The team employees worked hard to design the 2017 car, which is reportedly ready for production, but the administrators blocked all other expenses in order to protect creditors.
With the start of pre-season testing for 2017 rapidly approaching, it was decided on Friday by the team’s administrators, FRP Advisory, that the team had passed the deadline to be ready for the 2017 season. With no clear options in sight, Just Racing Services has no other choice but the fold.
The administrators have previously agreed to pay staff wages for up to the end of January. The administrators will be assisting the staff members that will be out of work and help them file claims with the Redundancy Payments Service. Of the 212 total employees, many are expected to be without work in February.
At the moment, the 2017 grid is now set to feature 10 teams. However, it’s possible that an investor will purchase the remaining parts of the team and could help the team return to Formula One, since Manor Grand Prix Racing, the company that holds the rights to race in Formula One, is not under administration, but rather the company that operates the team.
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