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F1’s debt-ridden Manor enters administration
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FORMULA One team Manor Racing has gone into administration and will collapse without fresh investment, administrators confirmed yesterday.
Administrators FRP Advisory said there was “a very limited window of opportunity” to save the team before the 2017 season starts with the Australian Grand Prix on March 26. The administration process, which allows insolvent companies to continue running under special measures, affects Manor’s operating company, Just Racing Services Ltd. Just Racing’s sister company Manor Grand Prix Racing, which owns the rights to the team’s participation in F1, is not in administration. Manor, earlier known as Marussia, finished 11th and last in last season’s constructors’ championship and had been in talks with new investors.
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