Manor F1 team closes down after failing to find buyer

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The Manor Formula One team faces closure ahead of the 2017 season after new investment could not be found to save the British outfit.

The team's parent company Just Racing Services entered administration earlier this month, with a deadline of January 31 to find a new buyer. Despite talks with interested parties, administrator FRP Advisory released a statement on Friday saying the Formula One team had ceased trading.

However, Manor Grand Prix Racing Ltd, which holds the rights for the team's participation in F1, is not in administration.

"During recent months, the senior management team have worked tirelessly to bring new investment to the team to secure its long term future, but regrettably were been unable to do so within the time available and were left with no alternative but to place JRSL into administration to protect the best interests of the underlying businesses and in order to continue a search for a buyer," the statement said.

"Since their appointment earlier this month the joint administrators at FRP Advisory have continued to work, with the support of senior management, to try and secure new investment into the business resulting in negotiations with a number of interested parties. During that period funding was secured to ensure payment of all staff salaries until 31 January 2017.

"Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the Group in its present form. With no sustainable operational or financial structure in place to maintain the Group as a going concern, the joint administrators have now ceased trading JRSL and unfortunately have had to send all staff home from work today Friday 27 January. While all 212 staff will be paid on Tuesday 31 January, all but a small handful of staff are expected be made redundant by the end of January."

FRP administrator Geoff Rowley said the administrators had faced a "very limited timeframe" to find a buyer.

"It is deeply regrettable that the team has had cease trading and close its doors," he said. "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 a 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 within what was a very tight time-frame.

"We would like to thank all the staff for their support and professionalism during this difficult process. We shall initiate a formal redundancy process for all staff on Tuesday, once they 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."

The team's last incarnation, 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. At the time, owner Stephen Fitzpatrick revealed he was looking to sell the team and was in talks with potential buyers.