The Manor Racing team looks set to go into administration for the second time in three seasons. The outfit were rescued two years ago by energy executive Stephen Fitzpatrick who has been funding the team however according to reports in the UK on Friday morning the team’s 200 staff were to be made aware of the developments on Friday.
Sky News are reporting that FRP Advisory are set to act as administrator for the team. It has been confirmed that Manor’s parent company Just Racing Services would be placed into administration.
Talks between current owner Stephen Fitzpatrick and American investor Tavo Hellmund broke down.
It is not yet known where former McLaren chairman Ron Dennis stands in relation to the Manor Racing team as it had been reported that the Englishman with the help of Chinese investors were set to make a bid for the team following Mr Dennis’ failed attempt to take over McLaren Honda.
A person close to the story said that Manor Grand Prix Racing Ltd who own the right to operate the team in Formula One will continue to trade.
Winter testing for the 2017 season get underway next month before teams head to Australia for the opening race of the season on March 26, in Melbourne’s Albert Park.