Hopes of a saviour for Manor are rising as an offer is on the table to buy the outfit.
The team’s operating company, Just Racing Services Ltd. went into administration last week after takeover talks with several parties, one believed to include Tavo Hellmund who helped revive the US Grand Prix, broke down.
However, this new offer, reported by Autosport, is believed to include the three separate entities which make up Manor including Just Racing Ltd. and Manor Grand Prix Racing Ltd. which did not go into administration.
A source told Read Motorsport that a deal is “likely” with the bidders, who remain unknown at this point, though the timing of it is currently the biggest factor in negotiations.
A reply to their current offer is required before Friday of this week, otherwise, beyond that date, any bid would be less than the potential new owners are currently prepared to pay as they would face higher costs to get the team ready for the new season in the shorter time frame.
A 2017-spec car is already designed as the team began work on it as early as January last year it had been previously reported, however, the creation of parts and more chassis’ would be needed in time for testing which begins on February 27 and the season itself on March 26.
That work was halted by the administrators to protect creditors though staff are to be paid until the end of the month as they give Manor more time to complete a potential sale.
If a deal was to be completed it would mark the third new owners in three years for a team that is refusing to die, unlike the other outfits who joined the grid in 2010.
Though the team finished last in the Constructors’ standings in 2016, causing their current predicament, the Banbury-based squad had been much more competitive and would make a lucrative option for any investor looking to enter Formula One at this time.
