Manor has received an offer from a potential buyer but the latter needs an answer before Friday 20 January to take part in the 2017 Formula 1 championship, according to Autosport.

Just Racing Services Ltd, the company that operates the Manor F1 team, fell into administration on January 6 after hopes of a buyout faded.

However, the other two Manor companies - Just Racing Ltd and Manor Grand Prix Racing Ltd, which holds the F1 and FOM licence, are not in administration. Autosport reports that the bid is for the three entities.

While the new Manor F1 car is ready to go into production in Banbury, the administrators FRP Advisory LLP have blocked any extra spending required to produce new parts for 2017 until a suitable buyer for the business can be found.

Current owner Stephen Fitzpatrick, who took over the team in early 2015, was reportedly in talks with several parties at the end of last year, including American entrepreneur Tavo Hellmund and an Asian consortium led by former sporting director Graeme Lowdon and Indonesian businessman Ricardo Gelael.

Ron Dennis’ name has also been linked to a Manor takeover following his ousting as McLaren Group CEO and chairman.

Manor's financial plight was compounded when the team narrowly lost out to Sauber in the crucial fight for 10th place in the 2016 Constructors' standings.

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter

Julien Billiotte

Recent Posts

Alpine double-podium in Brazil could deliver $30 million windfall

Alpine’s remarkable double podium at the São Paulo Grand Prix with Esteban Ocon and Pierre…

10 hours ago

F1i's Driver Ratings for the 2024 São Paulo GP

Alexander Albon, Williams (Did Not Start): 5.5/10 Alex Albon is definitely going through something of…

12 hours ago

Jos Verstappen rips British media after Brazilian Max fest

Jos Verstappen wasted no time after his son spectacular win at the São Paulo Grand…

13 hours ago

Leclerc left with ‘mixed feelings’ after disappointing Sao Paulo GP

Charles Leclerc's weekend in Sao Paulo was unfortunately a stark contrast to Ferrari's recent triumphs…

15 hours ago

Back when Kimi knew exactly what he was doing

Twelve years ago on this day, Kimi Raikkonen took a popular win at the 2012…

16 hours ago

Mercedes fined for starting grid tyre pressure infringement

The Mercedes team was hit with a fine by the FIA after Sunday’s Sao Paulo…

17 hours ago