Manor Racing looked to have had a reprieve just a week ago, but today it has been announced no buyer was found and the team are to close its doors…
The Banbury based team went into administration earlier this month, and administrators had been working overtime and discussing with several parties the potential sale of the team. An Asian consortium was among the leading contenders to buy the team, but FRP Advisory never felt that these parties could bring enough money to the table to save the team. So today, staff were told that the journey that started out as Virgin Racing, was over. A statement from FRP said the following…
“During recent months, the senior management team have worked tirelessly to bring new investment to the team to secure its long term future, but regrettably were been unable to do so within the time available and were left with no alternative but to place JRSL into administration to protect the best interests of the underlying businesses and in order to continue a search for a buyer.
“Since their appointment earlier this month the joint administrators at FRP Advisory have continued to work, with the support of senior management, to try and secure new investment into the business resulting in negotiations with a number of interested parties. During that period funding was secured to ensure payment of all staff salaries until 31 January 2017.
“Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the Group in its present form.”
It is the end of a remarkable story for one of F1’s most loved teams. Small they may have been, but they had the biggest of hearts. The two standout moments will always be Austria 2016 with Pascal Wehrlein scoring their only point of the season, and that remarkable 9th place finish by the late Jules Bianchi in Monaco 2014. They may not have been a big team, but they had taken to the hearts of many F1 fans all over the globe.
“It is deeply regrettable that the team has had to cease trading and close its doors”
Manor were the last of the three teams who joined in 2010 to survive, with HRT leaving first and then Lotus/Caterham later on.