The Manor Formula One team has folded after going into administration and failing to find a buyer, leaving the sport with 10 teams two months before the start of the season in Australia. Administrators FRP Advisory said that, while a separate entity that holds the right to enter the world championship remained active, the team's operating company Just Racing Services Ltd (JRSL) had ceased to trade. All but a handful of the 212 staff, who were sent home Friday, will be made redundant next week. The British-based team, last in the 2016 championship, went into administration on Jan. 6. The news came only days after the sport changed hands, with US-based Liberty Media completing a takeover and replacing the sport's 86-year-old commercial supremo Bernie Ecclestone with Chase Carey. "It is deeply regrettable that the team has had to cease trading and close its doors," said joint administrator Geoff Rowley in a statement. "We shall on Tuesday make staff redundant, all of whom have been paid for the full month of January." FRP said it and the team's senior management had been unable to secure new investment within the time available. Administrators had sounded more hopeful earlier in the week, amid speculation about a possible Indonesian takeover, saying talks with interested parties had intensified. Manor had needed at least half a million pounds ($622,000) to pay salaries, prepare the cars and go testing at the end of February before the season starts in Melbourne, Australia, on March 26. The team, which used Mercedes engines in 2016, is owned by Stephen Fitzpatrick who runs independent British energy supplier Ovo. Last year's drivers, Germany's Pascal Wehrlein and France's Esteban Ocon, have secured seats with Sauber and Force India respectively. Its departure, barring any late rescue, means that all three of the teams that entered the sport in 2010 have now fallen by the wayside. Spanish-based HRT folded in 2012 while Malaysian-owned Lotus Racing, which became Team Lotus and then Caterham, disappeared after the 2014 season. Neither scored a point. Only one all-new team has entered since then, the US-owned and Ferrari-powered Haas outfit who finished eighth overall last season. Ecclestone offloading shares Bernie Ecclestone is set to make a quick $29 million from Liberty Media's takeover of Formula One after being deposed as the sport's commercial supremo this week. Liberty completed its $8 billion takeover Monday and a subsequent filing to the US Securities and Exchange Commission (SEC) showed 86-year-old Ecclestone was offloading 950,599 shares. The Series C Liberty Formula One common stock shares were trading at around $30.73 Thursday. Other associates of Ecclestone, including Martin Sorrell who is the chief executive of advertising agency WPP and served as an independent director of Formula One's parent company, are also cashing in. A total of 1,357,700 of the Nasdaq-listed shares are being sold immediately. Ecclestone, who was replaced by Chase Carey as chief executive Monday, will retain a holding of 896,639 shares after the offer. - Agencies
