Manor bust again ? | FerrariChat

Manor bust again ?

Discussion in 'F1' started by greyboxer, Jan 6, 2017.

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  1. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,282
    South East
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    Jimmie
    So Ron & Helmond's checks apparently didn't clear - anyone else interested ?

    Manor F1 team ?lines up administrator as cash runs out

    "An insider said the entity which would be placed into administration - barring a last-minute rescue deal - would be Just Racing Services Limited, which operates the Manor F1 team.

    Manor Grand Prix Racing Limited, which holds the rights for the team's participation in F1, will continue to trade, the person added."

    How convenient !
     
  2. Bas

    Bas Four Time F1 World Champ

    Mar 24, 2008
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    Seems like it.

    They don't have any drivers currently either, do they?
     
  3. Bas

    Bas Four Time F1 World Champ

    Mar 24, 2008
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    Manor officially in administration now, confirmed a minute ago.
     
  4. DF1

    DF1 Two Time F1 World Champ

    Lets see how Liberty respond to this. Very sorry to see this. More cars are better but it helps to be competitive. More seats lost to those desiring to enter F1.
     
  5. Bas

    Bas Four Time F1 World Champ

    Mar 24, 2008
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    Exactly.

    Don't want to crap this thread now with what needs to be done to save the sport as I've done enough of that ;)
     
  6. 375+

    375+ F1 World Champ
    Silver Subscribed

    Dec 28, 2005
    11,884
    Manor finished last in constructors points but is Team Haas eligible to receive funds in their first year? I seem to recall that they are not.
     
  7. ypsilon

    ypsilon F1 Rookie

    May 4, 2008
    2,518
    the Netherlands
    Or they just gave themselves a look behind the scenes to pick up the pieces afterwards....
     
  8. BLACK HORSE

    BLACK HORSE Formula 3
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    Feb 11, 2004
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    Rob
    Help me to understand what does the word "administration" mean in terms? Officially out of F1!
     
  9. 375+

    375+ F1 World Champ
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    Dec 28, 2005
    11,884
    +1
     
  10. ypsilon

    ypsilon F1 Rookie

    May 4, 2008
    2,518
    the Netherlands
    Means different things in different country's....

    Under UK law it probably means protected from any creditors until a certain time. US's chapter 11, leaving options open. Under Dutch law it means your out of business (in the by far most cases).

    In this case it probably buys them time until the start of the new season.
     
  11. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    With the the vast money sloshing around in China uncle Ron should be able to put a 'fire sale' deal together. L Stroll probably ran a slide rule over it too before deciding on Williams.

    Prema might be a possible buyer to run along with HK backers from Theodore,and Carlin would also be in the mix ...all about finding $$$ (most likely coming from driver's backers).
     
  12. BLACK HORSE

    BLACK HORSE Formula 3
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    Feb 11, 2004
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    Rob
    Thanks for the clarification. Much appreciated!
     
  13. Drive550PFB

    Drive550PFB Two Time F1 World Champ
    Rossa Subscribed

    In this sense it means a bankruptcy reorganization.
     
  14. daytona355

    daytona355 F1 World Champ
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    Mar 25, 2009
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    Sid Korshak
    I seem to get from this thread that people are shocked? How on earth is this news anything but unexpected...... of course they go bust, it's more surprising they trundled along to get to this point
     
  15. subirg

    subirg F1 Rookie

    Dec 19, 2003
    4,186
    Cheshire
    Money distribution to the team is unfair with only the top 10 teams getting cash. Something needs to change to help the junior teams generate sufficient funds to at least survive let alone thrive.
     
  16. DF1

    DF1 Two Time F1 World Champ

    Latest from SKY -
    16:36

    Speculation that ousted McLaren chief Ron Dennis was seriously interested in buying Manor is wide of the mark, Sky Sports News HQ understands.

    “I can confirm that no serious discussions took place with Ron Dennis to buy this team," reported Craig Slater.
     
  17. NEP

    NEP F1 Rookie

    Jul 19, 2010
    4,059
    On Earth
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    Nigel
    JANUARY 9, 2017

    Lost money hurt Manor survival chances says owner



    Manor owner Stephen Fitzpatrick has admitted losing tenth place in the 2016 world championship was a real blow to the team's hopes of survival.

    In late November, he denied that the lost $13-15 million in official prize money as a result of falling behind Sauber could spell the end of the backmarker team.

    But Manor has just been placed into administration and is now in danger of collapsing prior to the 2017 opener in Melbourne.

    Fitzpatrick admitted to his team's embattled staff in a letter: "For much of the season we were on track (for tenth place).

    "But the dramatic race in Brazil ended our hopes of this result and ultimately brought into doubt the team's ability to race in 2017," he added.

    "I would like to thank the team for their constant hard work, determination and passion," Fitzpatrick continued.

    "We made a huge amount of progress on and off track but ultimately it was not enough."
     
  18. william

    william Two Time F1 World Champ
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    Jun 3, 2006
    25,447
    It's a hopeless situation with tail-enders.

    They cannot progress because of lack of money, and have no chance of catching substantial sponsorship to get themselves out of the rut. Not every team is self-funding like Haas

    I am surprised we don't lose one team every year. HRT is gone, so is Caterham, and Manor only got a reprieve 2 years ago. Recently Sauber was on the ropes, but apparently got bailed out by some investors - brave men.

    Why anyone would want to invest in Manor or Sauber, I cannot understand, but it happens.

    F1 is tough, and not for the faint-hearted, that's for sure. I am wondering why some small outfits want to graduate from lower formulae to F1. For an enthusiast who wants to own a team, there is as much fun to have in GP2 or F3 and it's much more affordable.

    As for F1, maybe change would happen if the grid was reduced to 12 cars. Then, maybe they would understand that as a business model, F1 don't work so well.
     
  19. singletrack

    singletrack F1 Veteran

    Mar 16, 2011
    5,767
    Pittsburgh, PA
    Sauber is probably next. F1 is going to have to change something substantial if they don't want tiny grids in the future.
     
  20. NeuroBeaker

    NeuroBeaker Advising Moderator
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    Oct 1, 2008
    38,744
    Huntsville, AL., USA
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    Andrew
    One has to wonder whether Manor or Sauber will be on the grid for Melbourne 2017 and, if they are, will they then be able to survive to see the season through all the way to Abu Dhabi 2017?

    All the best,
    Andrew.
     

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