Manor heading for F1 exit as team ceases trading

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Manor's time in Formula One appears to be at an end after the team's operating company ceased trading on Friday.

Administrators FRP Advisory LLP were called in at Just Racing Services Limited (JRSL) earlier this month, warning of a "very limited window of opportunity" to rescue the team, which has operated under current ownership for two years.

But fresh investment has not been found and staff at the Banbury-based operation will be made redundant on Tuesday.

"It is deeply regrettable that the team has had to cease trading and close its doors," said joint administrator Geoff Rowley.

"Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership. 

"Operating and running an F1 team to the high standards demanded however requires significant ongoing investment.

"Just Racing Services Limited was put into administration at the start of January shortly after attempts to sell the business fell through at the last hurdle. The administration process provided a moratorium to allow for attempts to secure a long-term viable solution for the team within in a very limited time-frame but sadly no solution could be achieved to allow for the business to continue in its current form.

"We would like to thank all the staff for their support and professionalism during this difficult process.

"We shall on Tuesday make staff redundant, all of whom have been paid for the full month of January. As joint administrators our immediate focus will be to assist staff who will have lost their jobs and to provide them with the necessary support to submit timely claims to the Redundancy Payments Service."

A statement adds that Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights to the team's participation in F1, is not in administration.

Manor, who finished bottom of the constructors' standings with one point last season, had not confirmed a driver line-up for 2017.