Manor F1 team in race against clock to stay on track
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The group, which collapsed into administration earlier this month, requires new owners to inject money into the team so it can pay for the completion of testing before the start of the Formula 1 season in March.
It is understood that while several bidders have expressed an interest in the group, none have submitted formal offers with money to pay staff quickly evaporating.
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Hide AdA spokesman for administrators at FRP Advisory said: “Administrators informed staff earlier this month that they were comfortable that finances were in place to pay salaries until the end of January. This has allowed ongoing talks with interested parties to continue into this week.
“While there is still nothing further to announce, we can confirm that talks continue with all parties in an attempt to secure the necessary funding to allow work on testing for entry into the 2017 season to continue.”
If Manor fails to find a rescuer by 31 January, a number of the 200 staff could face the axe.
The spokesman added: “Everyone involved in the talks is focused on the team being in the best possible position for the first race of the 2017 season. However, the administrators have to keep a continuous review of the financial position of the business.”
Manor had previously been backed by energy boss Stephen Fitzpatrick, the founder of OVO.
FRP has said that the team’s participation in the 2017 Formula 1 season, which begins on 26 March in Melbourne, Australia, will “depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity”.
Administrators pointed out that Manor Grand Prix Racing, which has the rights for Manor’s participation in F1, is not in administration.