The Manor Formula 1 team has collapsed into administration after failing to secure fresh investment, putting hundreds of jobs and its participation in the new season at risk.
The group, which has been backed by Ovo Energy boss Stephen Fitzpatrick, employs 212 staff and administrator FRP Advisory said while no redundancies have been made, the ongoing staff position is “dependent on whether new investment can be secured”.
Geoff Rowley, joint administrator and partner at FRP Advisory, said: “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.”
Manor’s participation in the 2017 Formula 1 season, which begins on March 26 in Melbourne, Australia, 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”, FRP confirmed.
Management was left with “no alternative” but to place Manor’s parent company, Just Racing Services Limited, into administration, Mr Rowley added.
FRP said Manor Grand Prix Racing Ltd – the sister company of Just Racing Services – which has the rights for the team’s participation in F1, is not in administration.
FRP are currently assessing options for the group.