The Manor Racing F1 team have ceased to work after the administration failed to find a buyer for the falling team.
Manor Racing took to the F1 grid as Virgin Racing, launched by Sir Richard Branson in 2010. It participated in several tournaments through its seven years existence.
Previously, the team went into administration in October 2014. But it was reinforced by current owner Stephen Fitzpatrick at the start of 2015 season.
Manor’s operating unit Just Racing Services jumped into administration on 6 January this year. Since then business services firm FRP Advisory (UK) has been trying to find a buyer.
Consequently, Just Racing collapsed its trading on Friday, effectively putting an end to the Manor team.
The staff were sent home on Friday and were instructed that they will be discharged from their duties on Tuesday. However, the staff will be paid for the month January.
FRP reported that there was no sustainable operational or financial structure in place to maintain the group as a going concern.
Joint administrator Geoff Rowley basically meant that the administration process provided a moratorium in the search for a potential buyer. But no viable solution could be achieved to allow for the business to continue in its current form within the short time-frame.
However, all these announcements don’t definitely mark the end of Manor. A buyer could possibly still purchase the remains of the team.
But even if a buyer shows up, it will be a hell of a task for Manor to make it to the season opening in Australia on 26 March.
Manor’s end leaves 10 teams mounting 20 cars on the race track in Melbourne.