Manor Racing fails to find a buyer
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.