Manor needs at least £500,000 ($622,000) to pay salaries, prepare the cars and go testing before the season starts in Australia on March 26. (Photo courtesy of Manor Racing)
Manor Formula 1 Talks Ongoing, but Money Needed
BY :ALAN BALDWIN
JANUARY 23, 2017
London. Administrators for the Manor Formula One team say talks with interested parties have intensified but a firm financial commitment has yet to be secured as a deadline looms.
Manor needs at least £500,000 ($622,000) to pay salaries, prepare the cars and go testing before the season starts in Australia on March 26.
Administrators FRP Advisory have agreed to pay all staff salaries to the end of January, after which employees may have to be laid off and preparations put on hold.
The team, the smallest and least successful in the sport, currently employs 212 people at its factory in Banbury, central England.
"Talks with interested parties will continue with all concerned aware that appropriate funding is needed to take the team forward to be in a position to complete testing with the beginning of the 2017 season still in everyone's mind," a spokesman for FRP Advisory said on Monday (23/01).
"However, there is as yet nothing further to announce."
Manor, which previously competed as Marussia, went into administration for the second time in little more than a year in early January.
Its 2016 drivers, Germany's Pascal Wehrlein and France's Esteban Ocon, have secured seats with Sauber and Force India, respectively.
Manor is owned by Stephen Fitzpatrick, who runs independent British energy supplier Ovo and rescued the team in early 2015 after it had missed the final races of the 2014 season and gone into administration.
The team, which started out in 2010 as Virgin Racing, lost 10th place in the 11 team championship last year when Sauber overtook it in the penultimate race in Brazil.
That setback cost Manor tens of millions in prize money to fund the team.
Manor Grand Prix Racing, which holds the rights to participate in the championship, is not in the administration that affects the team's operating company, Just Racing Services.