After news last week that the Caterham F1 team and its manufacturer entered administration, it now appears that the company behind Marussia F1 team is also having financial problems.
Oxfordshire-based Manor Grand Prix Racing Limited entered administration today (27th October) after the business failed to secure sufficient investment and funding. Having run out of time, the owner of the F1 team believed it was best to call in the administrators.
Manor designs and builds the cars and equipment for the Marussia F1 team to compete in the FIA Formula One World Championship. Due to the current circumstances, the team won’t be participating in the next event at the US Grand Prix in Texas this coming weekend.
Geoff Rowley and Geoff Carton-Kelly of FRP Advisory have been appointed joint administrators and are looking to find a potential buyer for the business.
Rowley commented, “Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating a F1 team requires significant ongoing investment.”
“With the existing shareholder unable to provide the required level of funding, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available.”
While there are a possible 200 jobs at risk, no redundancies have been made as of yet and the company is continuing to operate as normal. However the situation could change if no buyer or investor comes forward in time.
UPDATE - 07/11/2014: The company (Manor Grand) has now ceased trading and all 200 staff will be made redundant. If you are an employee of the company, please watch our video on employee rights below: