Date: 29th January 2017 at 6:50am
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Following a brief takeover by the administrator, Manor F1 look unlikely to be saved.

Just Racing Services Ltd are the operating company for Manor F1 and they are now set to close after a buyer for the team was unable to be found by the administrator.

Manor Grand Prix Racing Ltd, the company that hold the Formula One licence however are not in administration, but with no financial support the team is set to fold.

The staff will be paid for January, after all 212 staff members at the team’s Banbury factory were sent home on Friday.

The vast majority are expected to be made redundant on Tuesday.

The teams financial troubles are a direct result of being beaten by Sauber to 10th place in the F1 constructors championship, a position they held until the Brazilian Grand Prix when Sauber leapfrogged them with just one race of the season to go.

That drop in standings cost the team around £11million.

‘It is deeply regrettable that the team has had to cease trading and close its doors,

‘Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership.’ Geoff Rowley, administrator for FRP Advisory told Sky Sports.

‘Operating and running a F1 team to the high standards demanded however requires significant ongoing investment.

A buyer for Manor Grand Prix Racing Ltd could still be found, but needs to be completed before three rounds of the 2017 Formula One World Championship are completed. Otherwise, the license is invalidated.

Manor joined Formula One in 2010 under the former guise of Virgin Racing. HRT and Caterham, both joined at the same time but folded in 2012 and 2014 respectfully.