Manor F1 team operator skids into administration
Just Racing Services Limited (JRSL), the operating company of Formula One racing team Manor, has been placed into administration, leaving the future of the Banbury-based side in doubt
9 Jan 2017
The team failed to secure investment ahead of the 2017 season, which commences with the Australian Grand Prix on 26 March.
Backed by OVO Energy founder Stephen Fitzpatrick, the team employs 212 people and FRP Advisory administrators Geoff Rowley and Phil Armstrong confirmed there had been no redundancies.
Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights for the team's participation in F1, is not in administration.
Manor’s previous iteration, Marussia, was previously in administration in January 2015 before exiting administration on 19 February 2015, and re-established as the ‘Manor Marussia F1 Team’ after a CVA had been signed and new investment was secured.
FRP administrator Rowley 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. Therefore, they have been left with no alternative but to place JRSL into administration.’