The Manor Formula 1 team may not participate in the 2017 season and could be on the verge of going into administration reports suggest.
The British squad have been attempting to find a new investor after several months of tough negotiations. Race promotor Tavo Hellmund leading a group of American investors was close to a deal, but these talks have since broken down.
The teams’ future looks to be further in doubt as Manor’s parent company Just Racing Services Limited has been preparing to use FRP Advisory as the administrator.
The teams’ highlight of the 2016 season was a point for Pascal Wehrlein at the Austrian Grand Prix. The outfit were in the running to finish in the coveted tenth position in the Constructors Championship before being trumped by Sauber at the season finale Brazilian Grand Prix and failed to scoop the £30m prize.
Manor Racing, then known as Manor Marussia, were rescued from administration in 2015 by OVO Energy owner Stephen Fitzpatrick. Manor Grand Prix who are the rights holders for the teams’ F1 participation will continue to trade.