Manor Racing will cease to exist after the administrators appointed failed to find a buyer for the Formula 1 squad in the stipulated time period
FRP Advisor had until the end of January to rescue Manor after it ran out of funds to continue racing.
But, despite interest from various parties, no deal could be reached, forcing the administrators to pull the plug on the squad.
"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 issued by the administrators 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."
Crucially, Manor Grand Prix Racing Ltd - which holds the FIA entry - hasn’t gone into administration, with only its parent company Just Racing Services ceasing to trade.
by Rachit Thukral