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Manor F1 team have officially entered administration throwing the team's future into doubt ahead of the 2017 season.
Members of staff were called to Manor's Banbury headquarters this morning to be informed that the team could not reach an agreement with any investors to secure their long-term future.
FRP Advisory LLP have been appointed as joint administrators of the Just Racing Services Limited company that operates Manor.
Joint administrator Geoff Rowley admitted that Manor are running out of time to secure a spot at Australia when the season gets underway.
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."
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Login to replyHarryw
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Shame on you Bernie!