Manor Racing will not make the grid in 2017 after administrators ended the search for new owners.
The team’s parent company, Just Racing Services Limited, went into administration earlier this month after losing 10th place in the Constructors’ championship to Sauber at the penultimate race last season.
Talks had been held with several interested parties, with an Asian consortium looking the most likely, however, a failure to prove sufficient financial backing caused FRP Advisory to call time on the company.
“Since their appointment earlier this month the joint administrators at FRP Advisory have continued to work, with the support of senior management, to try and secure new investment into the business resulting in negotiations with a number of interested parties,” a statement confirming Manor’s demise read.
“During that period funding was secured to ensure payment of all staff salaries until 31 January 2017.
“Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the Group in its present form.
“With no sustainable operational or financial structure in place to maintain the Group as a going concern, the joint administrators have now ceased trading JRSL and unfortunately have had to send all staff home from work today Friday 27 January.
“While all 212 staff will be paid on Tuesday 31 January, all but a small handful of staff are expected to be made redundant by the end of January.”
FRP administrator Geoff Rowley described it as “regrettable” the Manor outfit had had to be wound up.
“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 an 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.
“We would like to thank all the staff for their support and professionalism during this difficult process.”
Though the parent company has gone under, the name which holds the F1 entry, Manor Grand Prix Ltd., did not enter administration and therefore remains intact.
