Manor F1 heading for administration

Manor F1 are on the brink of financial administration as they line up FRP Advisory to take control of things.

The team are still looking for a buyer to take over the team in time for them to compete in the 2017 season, but so far no one has agreed a deal to take control from Stephen Fitzpatrick who has funded the team for the last 2 seasons.

The team consists of around 200 staff which all face the prospect of losing their jobs should a deal not be reached with the potential investors.

Just Racing Services Limited is the company operating the Manor F1 team and is the actual entity that would enter administration if a deal cannot be struck in the very immediate future. However, Manor Grand Prix Racing Limited would continue to trade, and is the entity which actually holds the teams rights to F1 entry.

It is quite likely that slipping behind fellow financial strugglers, Sauber in the constructors championship in the penultimate race of the year at Sao Paulo did not help the teams financial situation.

It is also rather unfortunate that this news comes as the Liberty Media takeover of F1 is reaching its completion and the high potential of spending caps to be introduced by the new owners in the near future.

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