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Published: Sun, January 29, 2017
Sport | By Desiree Waters

Manor Formula One Team Shuts Down Due to Financial Troubles

Manor Formula One Team Shuts Down Due to Financial Troubles

The Manor team have collapsed after administrators failed to find a buyer for the stricken business.

The Banbury based outfit will therefore close ahead of the 2017 campaign, having been in Formula One, in different guises since 2010.

All but a handful of the 212 staff, who were sent home on Friday, will be made redundant next week.

Numerous parties were rumoured to be interested, including Indonesian businessman Ricardo Galael, Bernie Ecclestone business partner Tavo Hellmund, a consortium of Asian buyers and ex-McLaren chairman Ron Dennis.

Sky Sports quoted Rowley, after the drastic turn of events, saying: "It is deeply regrettable that the team has had to cease trading and close its doors".

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FRP Advisory has reported in a statement: "During the last few months the team has worked tirelessly to find an investor to ensure the long-term continuity of the team, but unfortunately it has not been able to do so and there is no alternative but to put it into administration bankruptcy to protect the interests of the business and try to find a buyer".

"We would like to thank all the staff for their support and professionalism during this hard process". Despite team owner Stephen Fitzpatrick confirming new investors at the end of the 2016 season, they went into administration before anything solid could come out of it. Despite these measures, the only funding secured within this period was used to pay salaries to the Manor staff for the month of January. Neither scored a point. It was at the Brazilian GP past year where Sauber grabbed two points and denied Manor a proper £30 million prize money. The financial impact of this result is believed to be approximately $13.5 million.

Numerous top drivers in Motorsport today have at some point raced for Manor in the junior careers, including Lewis Hamilton. For years, the smaller, independent teams, such as Manor, Sauber, Williams, Force India and the now defunct Caterham have complained that the prize money structure is heavily biased toward the top manufacturer teams.

The 2016 season was a better one for them, with Wehrlein finishing 12th at the Austrian GP - best ever position for the team.

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