In 2009, the FIA awarded 4 new licenses to small teams, to seek to fill the grid with 26 cars and under the premise that these teams would only have to deal with a budget ceiling of € 30 million. Nothing of this was fulfilled, and one of them (USF1) fell by the way before you start. 7 years later, no one is left standing. After the cessation of operations of Hispania/HRT (2012) and 1Malaysia/Team Lotus/Caterham (2014), the scythe has fallen on Manor, whose third version in Formula 1 (after Virgin and Marussia) has finished its journey this Friday.
an Entire winter working in the garage does not corresponded with the economic activity, which reached a limit state when the team went into administration the 6th of January. The key to ensure the survival of the team was to find a buyer before the end of the month. Linked to several investors, among them Ricardo Gelael, entrepreneur indonesian who finances the career of her son, Sean and Antonio Giovinazzi in GP2, between the stakeholders and the administrators have looked for the maximum time available, ensuring your employees the payment of their wages this month and getting a prerogative of the FIA to start the year with the car 2016.
however, the key was to find the investor that the saving of the team, and none has been able to provide the necessary guarantees. For this reason, FRP Advisory (team administrators) has taken the final decision of send you home to practice all of the employees of the team, informing them that there will be no buyer for the team, with the four days of the closure of the term. Subsequently, FRP Advisory has released an official statement:
“In the last few months, the management team has worked tirelessly to bring new investment to the team to ensure its long-term future, but unfortunately was unable to do so in the time available, and there was no alternative but to put to Just Racing Services (JRSL) management to protect the interests of the underlying business, and to be able to continue the search for a buyer. Since his arrival earlier this month, administrators from FRP Advisory have continued to work (…) negotiating with several interested parties. Since then, it has not secured any investment in the limited time available for the Group to continue in its current form. Without an operational structure or sustainable funding to maintain the Group, the administrators have ceased the activity of JRSL, and has sent all the staff home today, January 27. The 212 employees will be paid on January 31, although it is expected that a small group of workers redundant at the end of January.”
For its part, the administrator FRP Advisory, Geoff Rowley, has lamented the little time available to find a viable solution, as well as the planned sale of the team to a consortium of indonesian who fell by the wayside at the end of 2016.
“Manor is a great name in motorsport british, and the team has done a great job the last two years, reinvigorated with new owners. Even so, operate and manage a Formula 1 team with the highest standards requires an ongoing investment significant. JRSL was placed into administration shortly after that a attempt to sell the business failed in the last hurdle. The administration process provided a moratorium to allow it to attempt to ensure a viable long-term solution for the team in a very limited time, but has not reached a solution to continue to. We want to thank all the employees for their support and professionalism in this difficult process. As joint operators, our immediate goal will be to assist those who have lost their jobs, and give them the necessary support”.
the closure of The team is not yet final, and if an investor could offer a sufficient guarantee in the next four days, the team could go back to work, given that Manor Grand Prix Racing, the company that owns the license to compete in Formula 1, is not in administration. But the high improbability of an event as well to these heights has caused the computer to start as your process of dismantling.
Unless there is a miracle, the adventure of the Manor in Formula 1, the team created as Virgin in 2010, which became Marussia in 2012 before its change of name and owners in 2015, which added three points in seven seasons with the late Jules Bianchi and Pascal Wehrlein, and aligned to Timo Glock, Lucas di Grassi, Jerome d’ambrosio, Charles Pic, Max Chilton, Alexander Rossi, Will Stevens Roberto Merhi, Rio Haryanto and Esteban Ocon, is already history.