Formula One could shrink to 10 teams this season after Manor, the sport’s smallest and least successful outfit, went into administration on Friday with more than 200 jobs at risk.
The British-based team, who entered Formula One in 2010 and previously competed as Virgin and Marussia, are now in a race against time to find new investors to stave off collapse.
FRP Advisory LLP said in a statement they had been appointed administrators to the team’s operating company Just Racing Services Ltd (JRSL).
Manor Grand Prix Racing Ltd, the sister company which holds the rights to participate in the championship, is not in administration.
“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,” said joint administrator Geoff Rowley.
“Therefore, they have been left with no alternative but to place JRSL into administration.”
The team employ 212 staff at their Banbury headquarters. Rowley said all were paid in full to the end of December and no redundancies had been made.
Read the full story at GRAND PRIX 247
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