Manor F1 future under threat after administrators are called in

Manor F1 future under threat after administrators are called in

Formula One team Manor has a "very limited window of opportunity" to find new investment after administrators were called in.

Manor's operating company entered administration on Friday, putting the team's Formula One future in serious doubt.

Administrators FRP Advisory LLP revealed the Oxfordshire-based team has a "very limited window of opportunity" to be rescued, with the F1 season starting in Australia on March 26.

The administrators were called in at Just Racing Services Limited (JRSL) , which operates the team, but Manor Grand Prix Racing Ltd, the sister company of JRSL - which has the rights for the team's participation in the sport - is not in administration.

No redundancies have been made and the staff have been paid up to the end of last month.

However, joint-adminstator Geoff Rowley said Manor requires "significant ongoing investment" in order to carry on competing in F1 this year after finishing bottom of the 2016 constructors' standings with a solitary point.

Rowley said: "The team has made significant progress under its new ownership since the start of 2015, the highlight of which included securing a constructors championship point in the preceding F1 season, but the position remains that operating a F1 team requires significant ongoing investment.

"During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available. 

"Therefore, they have been left with no alternative but to place JRSL into administration.

"The joint administrators are currently assessing options for the Group.

"The 2017 season commences on 26 March in Melbourne, Australia, and the team's participation will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.

"No redundancies have been made following JRSL's entering into administration and all staff have been paid in full to the end of December.

"The ongoing staff position will however be dependent on whether new investment can be secured in the limited time available and the joint administrators will continue to review the ongoing financial position.

"Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights for the team's participation in F1 is not in administration.

"We remain highly focused on engaging with interested parties."

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