Manor F1 team collapses

Manor will not race in the 2017 Formula 1 season because no buyer has been found to save the team.

Manor's parent company, Just Racing Services, was placed into administration by FRP Advisory on 6 January and 20 January was initally set as the deadline for finding a buyer. It ceased trading on Friday, according to reports by the BBC.

Staff at the team's factory in Banbury, Oxfordshire will be made redundant after salaries for January have been paid.

The cars of Formula 1 2017

Numerous parties were rumoured to be interested, including Indonesian businessman Ricardo Galael, Bernie Ecclestone business partner Tavo Hellmund, a consortium of Asian buyers and ex-McLaren chairman Ron Dennis.

There had been hope for the team after the FIA gave it permission to start the upcoming season with its 2016 car modified to meet the new regulations, although a 2017 car had been designed.

The team's fate was sealed at the penultimate grand prix of the 2016 season when the Sauber team scored two points, which relegated Manor to 11th in the constructors' championship and effectively lost them £30 million in prize money that was vital for the team's survival.

Manor was previously saved from administration at the end of 2014 by its current owner, Stephen Fitzpatrick. 

The team first entered F1 in 2010 as Virgin Racing, before becoming Marussia in 2012 and finally MRT Manor in 2016. During its seven years and 132 grands prix, it was some way behind the rest of the field and scored points on just two occasions - the 2014 Monaco Grand Prix and the 2016 Austrian Grand Prix. It also suffered two tragedies with the deaths of race driver Jules Bianchi in 2015 and test driver María de Villota in 2013.

Two of the team's three 2016 drivers have found seats elsewhere for the 2017 F1 season - Pascal Wehrlein at Sauber and Esteban Ocon at Force India - but Rio Haryanto will not be racing.

A buyer could still be found for the team, but it would be almost impossible for Manor to make the first race of the season in Australia on 26 March. Technically, teams are permitted to miss three races in a season, so the Russian Grand Prix on 30 April is realistically Manor's last chance.