Manor F1 team have entered into administration and are looking for new investment before the season kicks off in Australia on March 26.
Manor (formerly Marussia) have had difficulties in the past falling into administration before the 2015 campaign. The team have always been at the back of the field, failing to make any in roads in the mid pack since its inception. F1 is an expensive game and significant investment is needed to just get a car to the grid.
It is understood Manor have been seeking investment for the last few months, but with no deal struck administrators have been called in to try and secure the teams future. Manor finished 11th in the 2016 constructors championship, suffering a financial hit in the region of £11m when rivals Sauber overtook them for 10th place at the penultimate round of last season in Brazil.
With around 200 staff it is understood freight has been prepared as normal at the team’s factory and is ready to be shipped to the season-opener in Australia if a deal is agreed.