Manor F1 shuts down - no buyer shows up

© XPB 

Sadly, the writing was on the wall, but the Manor team has now officially collapsed and will not enter the 2017 Formula 1 world championship.

The outfits operating company, Just Racing Services, has been in administration since January. The deadline to find a buyer has now come and gone, leaving no other choice for FRP Advisory but to shut everything down.

FRP said there was "no sustainable operational or financial structure in place to maintain the group as a going concern".

"It is deeply regrettable that the team has had to cease trading and close its doors," said administrator for FRP Advisory Geoff Rowley.

"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 a 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."

While a buyer could step in and buy the team's assets, there is little chance that it would make it to the Australian GP grid in time.

Formula 1's new owners have therefore lost their first team, leaving 10 outfits and 20 cars to compete in the 2017 season.

Manors' foundation goes back to Virgin Racing in 2010. It first went into administration in 2014 but was saved at the last hurdle by current owner and Ovo boss Stephen Fitzpatrick.

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