The Manor F1 Team is on the brink of collapse, as the team has now appointed an administrator in an attempt to secure the team by finding a buyer. The team confirmed it had failed to find a worthy partner itself, meaning its 212 staff are currently in an unsecure position.
FRP Advisory LLP was appointed as joint administrators to Just Racing Services Ltd, the company that operates Manor.
They will focus on trying to secure the team's future, which looks set to be a daunting task as little time remains ahead of the 2017 season opening Australian GP in March.
"The team has made significant progress under its new ownership since the start of 2015, the highlight of which included securing a constructors' championship point in the preceding F1 season, but the position remains that operating a F1 team requires significant ongoing investment," join administrator Geoff Rowley said in a statement.
"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. Therefore, they have been left with no alternative but to place JRSL into administration.
"The joint administrators are currently assessing options for the Group."
"The team's participation will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity," he explained.
"No redundancies have been made following JRSL's entering into administration and all staff have been paid in full to the end of December.
"The ongoing staff position will however be dependent on whether new investment can be secured in the limited time available and the joint administrators will continue to review the ongoing financial position."