F1
Lewis Larkam 7y

Manor on the verge of administration - report

Formula 1

The future of the Manor Formula One team has been thrown into doubt amid reports the outfit is on the brink of collapsing into administration.

Manor has spent the past months talking to potential investors in an attempt to secure the team's place on the F1 grid, which has now been cast into doubt on the eve of the 2017 season.

Recent discussions with American investors led by race promoter Tavo Hellmund appear to have broken down, while other possible buyers have not been found as yet.

A report on Sky News on Friday morning revealed the team is continuing its efforts to find a buyer to enable the team to compete in this year's world championship, but suggested Manor's parent company, Just Racing Services Limited, was lining up FRP Advisory to act as the administrator.

The team -- which employs around 200 personnel -- has been bankrolled by energy industry executive Stephen Fitzpatrick for the last two years. The report said staff at Manor's Banbury-based headquarters were expected to be informed about developments later on Friday. Sources suggest unless a last-minute deal is completed, the team could be placed into administration immediately.

The team's predecessor, Marussia, went into administration at the end of 2014 when it collapsed with £35 million worth of debts and was forced to skip the final three races of the season. It successfully exited administration in early 2015 and returned to the grid under the rebranded Manor name.

Manor suffered a huge blow at last year's Brazilian Grand Prix, when Sauber scored two points to jump Manor in the constructors' championship standings -- costing it millions of pounds in prize money.

The British squad is yet to announce its driver line-up for the forthcoming season, with testing due to get underway on February 27.

Manor was unavailable for comment on Friday morning when asked by ESPN.

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