It is now official that there will only be ten Formula One teams on the Albert Park grid come March with the sad news that a buyer was unable to be located to purchase the defunct Manor Formula One team.
Despite several interested parties it appears as if the administrators assigned to the struggling team were not convinced the funding would be there in time to see the team participate in the new championship season.
Sadly the 212 staff members were told of the situation and were sent home on Friday, leaving all the work they had done on the 2017 car behind them.
"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,” a statement from the administrators, FRP Advisory read. “
“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."
A very sad day for Formula One and British motorsport.
