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Manor handed an extra week as staff retained until end of January

Mark Sutton/Sutton Images

Manor has been handed an extra week to find a solution to its financial issues after administrators found the funds to keep all staff employed until the end of January, according to the BBC.

Manor entered administration on January 6 after failing to find an investor for the new season. Administrators FRP had a statutory 14 days until they become liable for paying salaries and other expenses -- meaning January 20 had been the deadline to save the team.

However, the BBC reports that staff were informed on Friday morning -- one week before the original deadline -- that there had been an extension. FRP has found the money to pay the employees preparing the 2017 car until the end of this month.

The BBC report states Manor is weighing up whether to continue work on a full 2017 car or whether to save money by modifying a 2016 chassis to fit the new regulations, though there are conflicting reports of the team having two nearly-completed 2017 monocoques for the new year. Veteran F1 journalist Joe Saward writes that, on the development side, Manor has a "well-developed plan" to make the grid in Melbourne, but that it now hinges on whether financial backing can be found.

As an indication of how close Manor came to securing a rescue deal, technical director John McQuilliam resigned from his position as director of Manor Grand Prix Limited (the company that owns the rights to the team and its entry to F1) on December 31 in anticipation of new directors being appointed, only for the deal to collapse at the last minute. That occurred just days before the team entered administration.

The team has confirmed McQuilliam remains at the team and is "fully committed to working with colleagues and the joint administrators to secure the future of Manor Racing".