Administrators have been unable to find a buyer for Manor Racing, the Formula One team based at Banbury, whose operating company, Just Racing Services, went into administration.
More than 200 staff were said to have been sent home today.
Partners at FRP Advisory, Geoff Rowley and Phil Armstrong, were appointed as joint administrators but could not find a backer prepared to take on the Manor organisation.
Manor Grand Prix Racing has the rights to participate in the F1 World Championship, but it remains to be seen whether another team can acquire its place in the series, in time for the first round in Australia in March.
Manor Racing branded itself the F1 team with ‘a start-up mentality and an upstart ambition’.
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