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
Base Performance bps_logo_full_on_light_cmyk
CRP Group

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
20 Sep
DTM drivers applaud performance-weights abolition https://t.co/aITv2BZDBH
RACE TECH magazine @RaceTechmag
20 Sep
Don't miss RACE TECH's Half Price Subscription sale! Now on for a limited time only. https://t.co/xtVw6t4RUU https://t.co/V5neo6REZC
RACE TECH magazine @RaceTechmag
19 Sep
Roborace has released a video featuring an interview of Lucas Di Grassi, its new CEO https://t.co/vCbIw3fiHw
RACE TECH magazine @RaceTechmag
16 Sep
F1 power unit musical chairs https://t.co/liPBr3tCmn
RACE TECH magazine @RaceTechmag
8 Sep
Learn & Compete A Primer for Formula SAE, Formula Student and Formula Hybrid teams now available via @AmazonUK https://t.co/9fN83xYkkt
RACE TECH magazine @RaceTechmag
7 Sep
Ariel announces all-electric ultra high-performance car https://t.co/tIEtJRLmBI
RACE TECH magazine @RaceTechmag
7 Sep
Arial announces all-electric ultra high-performance car https://t.co/evbJlKEclq
RACE TECH magazine @RaceTechmag
7 Sep
The Hipercar project revealed @lcv_event based around a low ultra volume ultra high performance sports car, zero em… https://t.co/8YajtMFYr6