After failing to find a buyer ahead of the 2017 Formula 1 season, Manor Racing has now been shut down. The team went into administration earlier this month with the hopes of securing a new buyer to cover their costs this season. Despite these measures, the only funding secured within this period was used to pay salaries to the Manor staff for the month of January.
The administrators ceased trading Just Racing Services, Manor’s parent company which ultimately forced them to shut down. Before heading home, the staff managed to share an emotional image of what their 2017 car would have looked like. It is believed that the team was in talks with various potential investors from various countries including Indonesia but none could meet their budgetary demands.
Geoff Rowley one of the administrators explained further on the costs of running Manor Racing and an F1 team in general, he said:
“Operating and running a F1 team to the high standards demanded 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.”
Manor Racing Team has had its fair share of financial troubles during their F1 tenure. After starting out as Virgin Racing in 2010, they rebranded to Marussia F1 Team in 2012. Their first collapse came amid the 2014 season, but were saved before the 2015 season upon which they became Manor Racing Team.
The 2016 season was a better one for them, with Wehrlein finishing 12th at the Austrian GP – best ever position for the team. It was at the Brazilian GP last year where Sauber grabbed two points and denied Manor a proper £30 million prize money. Despite team owner Stephen Fitzpatrick confirming new investors at the end of the 2016 season, they went into administration before anything solid could come out of it.
