Formula One: Manor Racing Shuts Down

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Formula One is no doubt an expensive form of motorsport, as teams without right or enough funds are forced to close down. One such example is Manor Racing, which has shut down after failing to find a buyer ahead of the 2017 season.

The team went into administration earlier this month with hopes of securing funds. The team did manage funds, however, it was used to pay salaries to the Manor Racing Team staff.

The administrators ceased trading Just Racing Services, Manor's parent company. This ultimately forced Manor to shut down. An emotional team managed to share an image of what the 2017 F1 car would look like.

Geoff Rowley, one of the Administrators explained: Operating and running a F1 team to the high standards demanded requires significant ongoing investment. Just Racing Services Limited was put into administration at the start of January shortly after attempts to sell the business fell through at the last hurdle."

"The administration process provided a moratorium to allow for attempts to secure a long term viable solution for the team within in a very limited time-frame but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight time-frame."

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