Manor F1 Takes Steps to Shut Down Before Start of 2017 Season
After many months of trying to find an investor, team staff and employees of Manor Racing have been notified that all attempts have failed. Manor F1 has appointed FRP Advisory LLP as administrators of the Just Racing Services LTD, the company that operates Manor F1. Currently all 212 employees are still on payroll even with the season-opening Australian Grand Prix quickly approaching. Unless Manor is able to find funding immediately, the team is likely to shut down before the start of the 2017 season.
“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 Formula 1 season, but the position remains that operating a F1 team requires significant ongoing investment,” said Geof Rowley, joint administrator for Manor. He then stated “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.”
Manor Racing has struggled over the years and seen many
transformations in an attempt to stay alive in the very competitive arena of
Formula 1. Based out of Banbury, Oxfordshire in the United Kingdom, the team originally
started racing under the name Virgin Racing in 2010. The following year Virgin
adopted Marussia as a title sponsor becoming Marussia Virgin Racing until being
fully rebranded as Marussia F1 in 2012. In February 2015, the team reemerged
from administration as Manor Marussia F1 before being rebranded as Manor Racing
at the beginning of 2016.