Formula One team Manor have announced that they are in administration after failing to secure finance for the upcoming season.
The team, located on Chalker Way, Banbury, have confirmed that FRP Advisory have been brought in by owner Stephen Fitzpatrick and the team are unlikely to feature in the upcoming F1 season that begins in late March.
In total 200 people are employed at the headquarters and no redundancies have been made. The future of the staff, however, remains dependant on future investment.
The team was saved from a similar fate in 2014 after Stephen Fitzpatrick, who owns the Ovo Energy Company stepped in just days before that year’s season started.
Manor Grand Prix Racing Ltd which is the owner of the rights to the teams involvement in Formula One is not in administration, its parent company, Just Racing Services Limited, which operates the Manor F1 team has.
More news to follow.