Manor close to bankruptcy again
Two years after its last-ditch rescue, Manor is once again in dire financial straits. It could be forced into bankruptcy before the start of the season.
During the winter of 2014-2015, Manor had already been close to disappearing from the paddocks, after missing the last three races of the previous season. Ultimately, a solution was found at the last moment.
But two years later, the situation seems to be repeating itself with new major doubts about the survival of the small team. Thus, Matthew Sommers indicated today that he had received information from a team member that a new process of entering administration could be put in place very soon: « After broadcasting the welcome news of a potential takeover just before Christmas, it is with great sadness that I must report the news of the cessation of Manor Racing. My source, who had provided me with the information of a potential takeover by an Asian consortium, contacted me last night with a heavy heart to let me know that the deal had fallen through and that the current owners no longer wish to support the financial costs of the team. »
Yet, in Abu Dhabi, Stephen Fitzpatrick, the team owner, insisted on announcing that an agreement had been reached with a new investor: “We have reached an agreement with an investor and are still working on it. I cannot go into details.”
Among the potential buyers were familiar names, as the first consortium was led by Tavo Hellmund, the man behind bringing F1 to Austin. Similarly, Ron Dennis’s name was also mentioned since the businessman is now free from his commitments to McLaren, while Graeme Lowdon also reportedly showed interest in returning to lead the team he created.
Another important name has also emerged and could present a rescue solution, namely billionaire Ricardo Gelael. The father of GP2 driver Sean Gelael, he is also the patron of Antonio Giovinazzi, who has just become Ferrari’s third driver. A solution could therefore be found to place the young driver on the grid while providing strong visibility for the Indonesian subsidiary of KFC.
As the deadline for the first winter tests approaches rapidly, the coming weeks promise to be intense for the leaders heading a team that employs over 200 people and has just been informed of this judicial administration.
With the participation of www.racingbusiness.fr
