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Author Topic: Manor Placed in Administration  (Read 14150 times)

Offline Irisado

Manor Placed in Administration
« on: January 06, 2017, 11:42:14 AM »
http://www.bbc.co.uk/sport/formula1/38530855

History repeats itself :(.

The difference between finishing inside the top ten and outside it in the Constructors' Championship should not force teams out of business.  It's a very poor and unhappy state of affairs.


Soñando con una playa donde brilla el sol, un arco iris ilumina el cielo, y el mar espejea iridescentemente

Offline Scott

Re: Manor Placed in Administration
« Reply #1 on: January 06, 2017, 01:24:40 PM »
Exactly, the money split simply needs a tweak.   

Maybe Liberty will see that the more, the merrier and re-do the split to levels that will sustain the little guys.
The Honey Badger doesn't give a...

Offline cosworth151

Re: Manor Placed in Administration
« Reply #2 on: January 06, 2017, 01:59:36 PM »
F1 brings in plenty of money for both the venues and the teams if it were fairly distributed. I'd really like to see Liberty do better, but I have little hope for it.
“You can search the world over for the finer things, but you won't find a match for the American road and the creatures that live on it.”
― Bob Dylan

Offline ChrisCurtis

Re: Manor Placed in Administration
« Reply #3 on: January 06, 2017, 02:17:11 PM »
Time for Ron and his Chinese investors to get their cheque books out.

Offline Steve A.

Re: Manor Placed in Administration
« Reply #4 on: January 06, 2017, 03:10:18 PM »
Unfair financial rules stroke again, I really hope the team makes it to the grid. All the teams should receive some funds,  still a case of the rich getting richer. 
I know there has to be some scaling of prize money but to simply exclude a team is ridiculous. No wonder smaller teams simply can't develope their cars enough to move up the grid

Online Jericoke

Re: Manor Placed in Administration
« Reply #5 on: January 06, 2017, 05:16:24 PM »
For the benefit of those who haven't heard me say this before:
F1 doesn't need the FIA, FOM, FOTA (does that still exist?)

F1 needs one body:  a united front of teams, like the American NFL (National Football League)

The NFL is owned by the teams themselves.  Each team gets an equal share of the pie:  a popular team like Dallas gets just as much money as a poorly run team in Cleveland.  A team in a tiny town like Green Bay gets just as much money as the Giants do being based in 'New York'.  They still have their own sponsorship deals, and keep the money they sell from tickets, but everything else they share.

The formula one teams don't need FOM.  There's no need for FOM to take half the money.  Give each team a share of the revenue.  Give them a nominal prize for winning a race (or the WCC if you prefer), not so much that a run away winning team has all the money, but enough that winning is a 'grand prize'

Offline Scott

Re: Manor Placed in Administration
« Reply #6 on: January 06, 2017, 06:05:03 PM »
The FOM sees it simply as management fees.  FOM bought the TV rights (on behalf of the teams), they do all the negotiating with tracks/promoters and track advertising.  They have built the infrastructure and designed the contracts to take care of all that, because the teams don't have the time or aptitude to do it themselves.  For all that, they take a (rather large) management fee. 

I think it could be done better for less, but until the teams find a way to get together, hammer out a deal and take things over themselves, it will never change.
The Honey Badger doesn't give a...

Offline Alianora La Canta

Re: Manor Placed in Administration
« Reply #7 on: January 06, 2017, 08:59:28 PM »
Just to make it worse, the FOM don't see it as management fees the teams are paying; they initially saw it as management fees the FIA paid to not have to worry about commercial elements of the sport, and then as a necessary fee for the separation of powers. The teams only get anything because without them there'd be nothing to make money on.

The FIA owns F1 and leased it to FOM until 2110, so unless the European Commission abolishes that agreement, the teams simply cannot take F1 with them. All they can do is make a new series - which may earn less simply from not having the "F1" cachet. (But once they were so upset by Max Mosley that they nearly left anyway).
Percussus resurgio
@lacanta (Twitter)
http://alianoralacanta.tumblr.com (Blog/Tumblr)

Offline F1fanaticBD

Re: Manor Placed in Administration
« Reply #8 on: January 08, 2017, 06:21:29 AM »
It was always going to be either Sauber or Manor. I am happy Sauber survived, but have to swallow the bitter pill of letting Manor go. This team embodies the shadows of would have been great Jules Bianchi. If this team abolishes, his memoirs will also perish. But over the years if we look back, even the once mighty BRM, or the all conquering Lotus could not survive, so Manor was always destined to follow the suite.
Thanks for all the memories if you could not survive, but all the new teams entered F1 lately, your ambition, courage and determination surely won lot of heart among the fans of motor racing.
Keep running the fast cars, you will be never out of girls

Offline Scott

Re: Manor Placed in Administration
« Reply #9 on: January 08, 2017, 10:50:46 AM »
I think Manor will survive in one form or another.  It is the buffer team Bernie needs to keep the grid at 20 cars.  If a team fails that he can't rescue, then Manor (or whatever it will next be called) will be that 10th.  Putting together a deal or investors to keep it afloat for another season or two is child's play for Bernie.
The Honey Badger doesn't give a...

Offline cosworth151

Re: Manor Placed in Administration
« Reply #10 on: January 08, 2017, 02:46:15 PM »
I have a soft spot for Manor, too. They were the last team (as of now) to use Cosworth engines.
“You can search the world over for the finer things, but you won't find a match for the American road and the creatures that live on it.”
― Bob Dylan

Offline John S

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Re: Manor Placed in Administration
« Reply #11 on: January 08, 2017, 05:14:32 PM »
In fact, it is Just Racing Services Ltd (JRSL), the Banbury outfit's operating company, which has called in the administrators FRP Advisory LLP, not Manor Grand Prix Racing Ltd, which holds the rights to participate in the world championship.

Could this be an exercise in clearing the decks and getting suppliers to take a big hit, then buying the assets of JRSL for much, much less than they are on the hook for?????  :DntKnw:

Who else is going to bid much for the assets of an F1 team. Add to this the fact work must have taken place on the 2017 chassis by this stage so as long as they can secure an engine supply Manor Grand Prix Racing Ltd might still make it to the grid in Oz.
Racing is Life - everything else is just....waiting. (Steve McQueen)

Online Jericoke

Re: Manor Placed in Administration
« Reply #12 on: January 09, 2017, 03:22:05 PM »
In fact, it is Just Racing Services Ltd (JRSL), the Banbury outfit's operating company, which has called in the administrators FRP Advisory LLP, not Manor Grand Prix Racing Ltd, which holds the rights to participate in the world championship.

Could this be an exercise in clearing the decks and getting suppliers to take a big hit, then buying the assets of JRSL for much, much less than they are on the hook for?????  :DntKnw:

Who else is going to bid much for the assets of an F1 team. Add to this the fact work must have taken place on the 2017 chassis by this stage so as long as they can secure an engine supply Manor Grand Prix Racing Ltd might still make it to the grid in Oz.

It may very well be an accounting trick to leave suppliers holding the bag, but who is going to provide reliable business to a team that won't reliably pay the bills?

Manor is the last remaining team that entered the sport under false pretenses.  They never had a chance to succeed.  I'm never eager to see a team go, but they provided a lesson for others:  F1 might be glamourous and fun, but if you don't know what you're doing from day one, you won't succeed, either on track or in the ledger.

Certainly Manor's struggles were something that Haas took seriously.  An outside investor would also notice that building a team from scratch was much more successful than taking over a floundering team.

Offline Alianora La Canta

Re: Manor Placed in Administration
« Reply #13 on: January 09, 2017, 10:03:30 PM »
In fact, it is Just Racing Services Ltd (JRSL), the Banbury outfit's operating company, which has called in the administrators FRP Advisory LLP, not Manor Grand Prix Racing Ltd, which holds the rights to participate in the world championship.

Could this be an exercise in clearing the decks and getting suppliers to take a big hit, then buying the assets of JRSL for much, much less than they are on the hook for?????  :DntKnw:

It might have been, had the team not already been on a debt management arrangement dating from their previous stint in administration. This makes it very difficult for suppliers to have enough confidence to accept any sort of deal, since they have no reason to believe they would be paid whatever amount was agreed. I have a horrible feeling that the new owner may simply have to accept paying 100% of the debt this time around, due to Stephen Fitzpatrick blowing the previous opportunity.

There are interested parties, but they need to get their ducks in order very, very quickly. They have to have a car pass its crash test before heading to Oz. Fortunately the season is late to start, but if they don't have a buyer by the end of next month, that's not going to work out.
Percussus resurgio
@lacanta (Twitter)
http://alianoralacanta.tumblr.com (Blog/Tumblr)

Offline Andy B

Re: Manor Placed in Administration
« Reply #14 on: January 11, 2017, 07:56:25 AM »
It seems that loosing the place to Sauber cost them $10 mill and that has pushed them to the brink now its only $10 mill so if we have whip round Wizard GP has a ring to it!
Once you have retired every day is a Saturday!

 


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