LONDON: The Manor Racing Formula 1 team — formerly Marussia and Virgin Racing — ceased trading Friday after the team’s administrator, FRP Advisory, declared it had failed in its attempts to secure new investment and made the decision to call off the search to find a buyer. Staff were told to go home and have been made redundant.
This means that Formula One is left with only ten teams on the grid for the 2017 season.
Manor's parent company, Just Racing Services, was placed into administration by FRP Advisory on 6 January following a failed takeover approach from an Asian consortium and 20 January was initally set as the deadline for finding a new buyer.
Manor had struggled to cope with the financial demands of F1 for much of the team’s seven-year stay in the sport. Manor finished 11th and last in the 2016 F1 season.
The new season begins on March 24 in Melbourne, Australia.
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