Manor Racing go into administration

[BrettMRC]

http://www.bbc.co.uk/sport/formula1/38530855


BBC article:



Manor Racing have gone into administration and will collapse without new investment.

A source close to the team told BBC Sport that staff were informed of the development on Friday.

Manor and owner Stephen Fitzpatrick were unavailable for comment.

The UK-based team, who finished 11th and last in the championship last season, have been in talks with new investors but so far no deal has been concluded.

The source said several buyers had been lined up over the past few weeks and two had gone as far as conducting a due diligence process.

But none provided the funds necessary to buy the team, nor was there any proof they had the money to run it.

Owner Stephen Fitzpatrick, the boss of the energy company Ovo, decided to put the team into administration on Thursday night and staff were told by chief executive officer Thomas Mayer and administrators FGRP on Friday morning.

The administrators are continuing attempts to keep the team afloat ahead of the start of the new season in Australia on 26 March.

[BrettMRC]

Munter said:

For me it's more indication the money in F1 needs to be spread further down the field.

It's not like they are doing a terrible job. They almost were not the worst team this year. If we want 22 cars on the grid, it has to be possible to finish as the last team and survive financially.

Should be some criteria that says if teams finish low in the order, but consistently finish races and lap within 107% then they get £XXM as a retainer.