Formula One sports is going thorough many changes and recently with Manor, the sport’s smallest and least successful outfit, went into administration on Friday with more than 200 jobs at risk, Formula One could shrink to 10 teams this season. The British based team who entered Formula One in 2010 and previously competed as Virgin and Marussia are now in a race against time to find new investors to stave off collapse.
As per a statement released by FRP Advisory which states that they had been appointed administrators to the team’s operating company Just Racing Services Ltd (JRSL). At the same time Manor Grand Prix Racing Ltd, the sister company which holds the rights to participate in the championship, is not in administration. Joint administrator Geoff Rowley said that “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.”
Rowley said that the team which employs a staff of 212 members at their Banbury headquarters had been paid in full to the end of December and no redundancies had been made. Formula One season starts in Australia on March 26 with the first pre season test at the end of February. Rowley further added “The team’s participation 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.”
Manor is owned by Stephen Fitzpatrick, who runs the Independent British energy supplier Ovo and rescued the team at the 11th hour in 2014 after they went into administration as Marussia.
Fitzpatrick said that a sale to an Asian investment consortium had been agreed in December but that time had run out before they could complete the transaction.
Later he added in a note to staff, “Not wishing to repeat events of the past, we resolved in 2015 not to start any season that we did not know for certain we could complete,” It was imperative that the team finish in 10th place or better in 2016. “For much of the season we were on track. But the dramatic race in Brazil ended our hopes of this result and ultimately brought into doubt the team’s ability to race in 2017.”
