Manor’s future in Formula 1 appears to be under threat with owners lining up administrators in a last-ditch attempt to save the team.
Manor has operated under various guises since it made its debut as Virgin Racing in 2010, and is currently owned by Ovo energy boss Stephen Fitzpatrick.
The British businessman has been looking for investors during the past year, but the efforts have gone in vain so far.
According to Sky News, Manor’s parent company Just Racing Services Limited could be put under administration unless a deal can be imminently pulled off.
FRP Advisory will again be chosen as administrators, having been assigned with the same job two years ago before Fitzpatrick rescued the team.
Manor lost 10th place in the championship during the penultimate round of the 2016 season in Brazil, costing the team upwards of $10 million.
Former McLaren boss Ron Dennis could potentially save the Manor, with the Englishman believed to have some Chinese investors ready to buy the outfit.
Update: FRP Advisory LLP have confirmed that they have have been appointed as administrator of Just Racing Limited. Manor Grand Prix Racing Ltd, which has the rights for team's participation in F1, however, hasn't come under administration.
No redunancies have been made so far an all staff have been paid in full till the month of December.
"The 2017 season commences on 26 March in Melbourne, Australia, and the team’s participation 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,'' the statement read.
by Rachit Thukral