Manor Racing Formula One team failed to find buyers to save the team, two months before the start of the new F1 season.
Manor last month fell into administration after failed attempts to find investors and had very little time to find buyers.
While there were some interests in Asia, the negotiations have not progressed sufficiently to secure financial future for smallest F1 outfit.
The FRP Advisory has informed all Manor employees on Friday that they failed to find a buyer.
“Over the past months, our people have worked tirelessly to find new investors and ensure the long-term future, but they failed to do it in a given period of time,” according to a statement from the FRP Advisory agency.
“Without sustainable operational and financial structure, administrators had to send employees home on January 27”
“All 212 employees will be paid on January 31, but nearly everyone will become redundant until the end of January.”
The administrator Geoff Rowley expressed his regret with this outcome.
“It is sad that the team had to close its doors,” he said.
“Manor is a great name of British motorsport and the team has achieved great things in the last two years under the new ownership.”
“But running a Formula 1 team requires a significant financial investment.”
“I want to thank all the staff for support and professionalism they shown during this difficult period.”