British Formula One team Manor Racing have gone into administration. The team doesn’t seem to have a future if new investments do not pour in.
Manor Racing entered the grid in 2010 under the name “Virgin Racing” When Sir Richard Branson provided the team the perfect launchpad.
The staff was informed of the development on Friday by chief executive officer Thomas Mayer.
Administrators FRP said there was “a very narrow window of opportunity” to save the team before the inception of the 2017 season in Australia from 26 March.
Further, FRP said it was “assessing options” and that the issue has cost Manor’s operating company Just Racing Services.
Manor Grand Prix Racing owns the rights to the team’s participation in Formula one. Moreover, it is not in the administration department.
Team owner Stephen Fitzpatrick said in a notice to staff: “It was imperative that the team ended in 10th place or better in 2016 season.”
Manor Racing, who finished 11th and last in the Championship 2016 season. Moreover, they have been in settlements with new investors but so far no deal has been reported.
Geoff Rowley, an administrator, said: “The team has made significant progress since the start of 2015. However, the position remains that operating an F1 team requires essential ongoing investment.”
The senior management workforce has worked tirelessly to bring new investment. But sadly the team has been unable to do so within the available time.
Therefore, the management has been left with no alternative but to place (Manor Racing) into administration.
A source reported some buyers had been lined up over the past few weeks and two had gone as far as regulating a due diligence process.
But none of them provided the funds needed to buy the team, nor was there any evidence they had the money to run the division.
As a result, Fitzpatrick, the chief of the energy company Ovo, decided to put the team into administration.
Here is a video on team’s humble beginning to the disappointing 2016 season: