Manor have been here before the 2015 season and managed to get to Melbourne still, there is faint hope.
If anything, the situation back then was worse as the debt’s were far higher than they are today.
The situation is; FRP, the insolvency administrators, have confirmed that no new investor could be found. This is the beginning of the phase in which the employees are paid in January and then dismissed step by step affecting 212 employees.
The next phase, Manor’s assets will be sold to protect the interests of the creditors – including those two cars that were built for the 2017 season.
It is at this point a canny investor would be required to swop in and pick up the pieces for less money than before when the team was a going concern. The conditions of sale mandated by owner Stephen Fitzpatrick would no longer apply.
Manor Grand Prix Racing holds permission to participate in the Formula 1 2017 which in itself would be considered an asset but the buyer would need to act fast in order not to loose too many team members.
Further, the FIA have provisionally agreed to allow Manor to use modified 2016 cars for the first race in Melbourne, they’d likely be open to increase race allowance during negotiations. It’s in the interest for FIA to keep Manor on the grid for 2017.
It could be argued that Liberty Media, should step in to prevent the loss of a team but the debt shortfall would be an unknown to them, as would be the payback. Plus, it simply should not be their job at this stage. Having a less unbalanced payment system is one thing, but the scale of Manor’s financials goes way beyond that unfortunately.
There are still investment opportunities for a canny buyer. KFC giant of Indonesia, Geleal might still hold the answer to Manor’s woe. Indeed Sean tweeted last night that there might still be something coming for 2017.
— Sean Gelael (@gelaelized) January 30, 2017