Thursday evening the Manor F1 racing team announced it has entered into administration, eventually following the other ‘new’ F1 teams of HRT and Caterham (was Team Lotus).
And yet, the partners of FRP Advisory, joint administrators of Just Racing Services LTD (Manor) are hopeful of finding new investors and rescue 200 jobs.
Geoff Rowley and Phil Armstrong, partners of FRP Advisory, were appointed on Friday 6th January and straight away confirmed that no redundancies were yet planned at Manor. Encouragingly, all staff received their December pay cheques.
“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,” said Rowley.
“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.
“The joint administrators are currently assessing options for the group. The 2017 season commences on 26 March in Melbourne, Australia, and the team’s participation will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.”
“The ongoing staff position will however be dependent on whether new investment can be secured in the limited time available and the joint administrators will continue to review the ongoing financial position,” he added.
The fact that active investment seeking has been continued is encouraging to say the least, but this process has been ongoing for Manor all year. We can but hope for the little team from Oxfordshire.