FREE NEWSLETTER

Manor Racing fails to find a buyer

27 January 2017

The Manor Racing Formula 1 team has failed to find a buyer and will cease trading today. Staff were told to go home and have been made redundant.

A source informed RACE TECH of the news following a team meeting where team owner Stephen Fitzpatrick was not present.

A statement from FRP advisory confirmed the news: “Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the group in its present form.

“With no sustainable operational or financial structure in place to maintain the group as a going concern, the joint administrators have now ceased trading JRSL and unfortunately have had to send all staff home from work today Friday 27 January.”

The team entered administration in January 2017 following several failed attempts to find a new owner including a consortium of investors led by the team’s former sporting director, Graeme Lowdon.

Since entering administration, the team has been preparing a 2016 car to meet 2017 regulations in order to have a race-worthy car for the start of the season in Australia.

If a buyer was found, the team expected to have a 2017 car ready after three rounds.

All of the team’s 212 staff will be paid on Tuesday 31st January.

Despite being in administration and staff told they were free to leave should they find a job elsewhere, RACE TECH was told that those remaining at the team were still working, including the pit crew, which has still been practising stops at the factory with a crew of only seven-strong.

 

Partners

FERODO Racing Black background jpeg
ATL-UK-LOGO-FL-CL-01(1)
DTAfast logo
CRP Group
Base Performance bps_logo_full_on_light_cmyk

Latest issue

FREE Newsletter

Stay up to date and a chance to win 1 Years Subscription*

  • This field is for validation purposes and should be left unchanged.

Latest Tweets

Stay up to date with our social world

RACE TECH magazine @RaceTechmag
18 Apr
More flat-out F1 in 2019, with fuel limit increase https://t.co/Ap0OVmDFSc
RACE TECH magazine @RaceTechmag
17 Apr
Ford Mustang planned for Monster Energy Series in 2019 https://t.co/25JYCJHW18
RACE TECH magazine @RaceTechmag
12 Apr
Hyundai enters two i30 N TCRs for the Nürburgring 24 Hours https://t.co/alb7F715lk
RACE TECH magazine @RaceTechmag
10 Apr
FIA accepts Porsche application as a Formula E manufacturer https://t.co/1fEWkReD4P
RACE TECH magazine @RaceTechmag
10 Apr
Porsche 919 beats F1 record at Spa https://t.co/l74BRNsprl
RACE TECH magazine @RaceTechmag
6 Apr
Holden puts V6 twin turbo project ‘on hold’ https://t.co/kFqmthWHXS
RACE TECH magazine @RaceTechmag
5 Apr
TV casting alert! On the hunt for a new car but don’t know where to start? Francy being on TV & having expert help?… https://t.co/CrI4iX9kJn
RACE TECH magazine @RaceTechmag
5 Apr
Details of Renault’s 600 hp Megane R.S. RX revealed https://t.co/njhR9I0dO9