autoevolution
Car video reviews:
 

Manor Racing Formula 1 Team Enters Bankruptcy Protection

Manor Racing, the F1 team that only scored a single point last season, has announced it has entered bankruptcy protection.
Poster by Manor Racing 23 photos
Collection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor RacingCollection of retro-styled posters made by Manor Racing
FRP Advisory will oversee the process, and it comes after months of discussions with current investors and potential investors. Unfortunately, it looks like things have not gone the way they hoped, and their funding is not secured for the 2017 season, which is a problem when you are in the most expensive branch of motorsport.

Stephen Fitzpatrick, the owner of the team that was formerly known as Marussia, has said that some meetings were held regarding a potential sale, which was supposed to happen with an Asian investment group. That has not gone as planned, and Manor Racing did not have the necessary funds to ensure its presence on the grid in March at the Australian Grand Prix.

For those of you that are not familiar with Manor Racing, the team was founded in 2010 under this name, but quickly changed to suit its primary sponsor at the time, Virgin.

The deal with Virgin ended two years later, but the Russians at Marussia bought a controlling stake and changed the name of the team. The year 2014 left the team without its Russian sponsor, and it was then purchased by Mr. Fitzpatrick, who also revived its name one year later.

According to the racing outfit, the team still has a shot at a future, but only if the company manages to secure a new investor. Based in Banbury, England, Manor employs a little over 200 people, but those talented professionals might have to seek new jobs if there is nobody interested in taking over the team and becoming a contender in Formula 1.

Evidently, nobody can guarantee that you have a shot at leading a Formula 1 team to the top of the rankings, but it’s an excellent way to spend a couple of hundred million dollars. If you happen to be a multi-billionaire with money to burn invest, be sure to contact the Brits at Manor.

press release
 
 
 
 
 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories