By Joey Barnes, Editor-in-Chief
The Manor F1 team will not return to the Formula 1 grid in 2017 after failing to find a buyer upon falling into administration.
Just Racing Services Limited, the operating company of the Manor F1 program, ceased trading just five days following Formula 1 going under new ownership. The deadline for a new buyer – despite attracting some interest – has come and gone, which left FRP Advisory no choice but to shut the program down due to “no sustainable operational or financial structure in place to maintain the Group as a going concern.”
“It is deeply regrettable that the team has had to cease trading and close its doors,” said FRP administrator Geoff Rowley.
“Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership.
“Operating and running a F1 team to the high standards demanded, however, requires significant ongoing investment. Just Racing Services Limited was put into administration at the start of January shortly after attempts to sell the business fell through at the last hurdle.
“The administration process provided a moratorium to allow for attempts to secure a long-term viable solution for the team within in a very limited time frame but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight time frame.”
A possibility still exists that Manor Grand Prix Racing Ltd. – the sister company that isn’t under administration and holds a license to compete in F1 – could swoop in for the remaining assets and create an entirely new team, however, that in all likelihood is a long shot to put together with the preseason testing just around the corner.