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Author Topic: Manor Placed in Administration  (Read 14157 times)

Offline Scott

Re: Manor Placed in Administration
« Reply #15 on: January 11, 2017, 01:20:18 PM »
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!

Wizzo might have to adjust his Donation goal to meet this new budget.  :tease: :tease:
The Honey Badger doesn't give a...

Offline Alianora La Canta

Re: Manor Placed in Administration
« Reply #16 on: January 13, 2017, 01:04:49 PM »
Aaaand breathe.

FRP is putting its own money into paying team expenses and staff wages until the end of January, giving it until at least then to save the team. Administrators don't do this lightly, so it is a sign of confidence.

Also, the FIA is allowing Manor to use a lightly-modified 2016 car as its initial race car if necessary, without asking for another crash test. This not only makes it much easier for Manor to make it to the Australian Grand Prix, but it allows it to provide a full 2017 car as and when it wishes. (Given the 2016-modded car will likely be rather slow, that's probably going to be mid-season).
Percussus resurgio
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Offline Steve A.

Re: Manor Placed in Administration
« Reply #17 on: January 13, 2017, 02:49:45 PM »
Well that's hope for a full grid this season,  fingers crossed for a buyer.

Offline Jericoke

Re: Manor Placed in Administration
« Reply #18 on: January 13, 2017, 02:51:02 PM »
(Given the 2016-modded car will likely be rather slow, that's probably going to be mid-season).

Hopefully the 107% rule will be enforced if required.  I don't like to see cars left off the grid, but a difference in speed can be dangerous, especially since the 107% rule is very generous, and works out closer to 110% or more of the race pace

Offline John S

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Re: Manor Placed in Administration
« Reply #19 on: January 16, 2017, 09:06:33 PM »
 Manor may still make it to the grid in Oz, an offer for the whole shooting match has been put on the table - only catch - must be decided by this Friday or price goes down.  :swoon: 

Someone is playing hard ball then, but we'll only really find out who if the offer goes through - lets hope so.     

http://master.motorsport.com/f1/news/manor-f1-team-has-buyout-offer-865886/?s=1
Racing is Life - everything else is just....waiting. (Steve McQueen)

Offline Andy B

Re: Manor Placed in Administration
« Reply #20 on: January 17, 2017, 12:27:16 AM »
Is it Ron its his sort of tactic?
Once you have retired every day is a Saturday!

Offline John S

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Re: Manor Placed in Administration
« Reply #21 on: January 17, 2017, 01:33:09 PM »
Might be Ron, who knows.  :DntKnw:

Having had time to think about this whole situation of placing one part, the really cash draining side, into administration; was it done perhaps to signal to previously interested parties that now was the time to put up or leave the scene?

However with the two other parts of the F1 team still to be negotiated for it remains to be seen if Fitzpatrick is willing to meet the price a buyer may want.

I'm sure he will be aware a live F1 racing outfit is worth more that the break up value, but will he still play hardball with potential saviours?  :DntKnw:
Depends how much he's prepared to gamble the amount he'll lose on the eventual outcome I guess 

Racing is Life - everything else is just....waiting. (Steve McQueen)

Offline Alianora La Canta

Re: Manor Placed in Administration
« Reply #22 on: January 17, 2017, 10:37:35 PM »
(Given the 2016-modded car will likely be rather slow, that's probably going to be mid-season).

Hopefully the 107% rule will be enforced if required.  I don't like to see cars left off the grid, but a difference in speed can be dangerous, especially since the 107% rule is very generous, and works out closer to 110% or more of the race pace

I'm perfectly fine with that. Manor needs to make an honest attempt at qualifying and be paid for it. F1 does not need to bend over backwards to admit a car that would be a pure mobile chicane. Obviously if it was outside 107% for reasons that would get any other team exempted, that's another matter, but no need for charity from the qualifying stewards just because the team needs to survive.

Manor may still make it to the grid in Oz, an offer for the whole shooting match has been put on the table - only catch - must be decided by this Friday or price goes down.

If it's Ron (or Graeme), I think the quick deadline would be accepted as reasonable. Both did due diligence, from what I recall, so don't need the same level of scrutiny as other bidders would, and both know exactly how little time remains.
Percussus resurgio
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Offline Irisado

Re: Manor Placed in Administration
« Reply #23 on: January 24, 2017, 09:00:17 PM »
I'm more optimistic about the survival of Manor now.  I think that there must be a potential serious buyer who has yet to be declared.  Hopefully, this is going to happen.  Formula 1 needs teams.

As for the 107% rule and safety, I don't buy that argument.  There were plenty of races in decades gone by where there were much bigger gaps between the front and back of the grid, for example, around 10 seconds at some races when all the teams last used turbos in 1986, and this was not a safety issue.  The 107% rule could safely be removed in the modern era, as it already has been once, without a problem.
Soņando con una playa donde brilla el sol, un arco iris ilumina el cielo, y el mar espejea iridescentemente

Offline Dare

Re: Manor Placed in Administration
« Reply #24 on: January 27, 2017, 11:00:39 PM »
Mark Twain once opined, "it's easier to con someone than to convince them they've been conned."

Offline Steve A.

Re: Manor Placed in Administration
« Reply #25 on: January 28, 2017, 09:44:25 AM »
Very sad,  not really a surprise.  I know teams have to compete but getting into the sport costs so much and competing is hardly cheap.  Fairer spread of the money would help,  cut costs to enter the sport again would help keep money on the team to give them a chance to compete.  Haas has done brilliantly for the first season hopefully they will carry on.

Online cosworth151

Re: Manor Placed in Administration
« Reply #26 on: January 28, 2017, 04:03:33 PM »
I can't really place all of the blame on the team. When it entered the sport as Virgin, they were promised affordable engines. Now they have to pay totally outrageous prices for insanely complex hybrid systems.
“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 #27 on: January 28, 2017, 06:13:53 PM »
Haas has done brilliantly for the first season hopefully they will carry on.

Haas was set up for a different purpose, namely to move their name up the ladder internationally to sell more machine tools, so the funding will have been fully worked out for 3 years or more, but no doubt good payment from the F1 pot will help their development.

Mind you Manor's departure helps all the other back end teams as everyone down to 10th place gets a good pay-out the following year, now with only 10 teams on the grid all are assured a good pay-out.

As I understand it top ten teams rely on column 1 and 2 payments (col 1 is equal share of the designated pot for all top 10 and can be in excess of $45mil each - col 2 is another pot the same size as col 1 but is divided up on top ten performance, top spot gets most reducing until 10th gets about 25% of what winner gets.)

Teams outside the top ten get only a column 3 payment that is very small, usually about $10mil, just for turning up. That's why there is a great gulf between 10th place and anyone beyond it.

 
 
Racing is Life - everything else is just....waiting. (Steve McQueen)

Offline Jericoke

Re: Manor Placed in Administration
« Reply #28 on: January 29, 2017, 07:26:44 PM »
I can't really place all of the blame on the team. When it entered the sport as Virgin, they were promised affordable engines. Now they have to pay totally outrageous prices for insanely complex hybrid systems.

Certainly 'Lotus', Virgin and HRT were all given a raw deal.  I'm surprised any of those teams made it this far.  Running an F1 team can't be a hobby, it's a massive undertaking.  I'm glad that Haas understood that.  I'm also glad that enough people at Mercedes understand.

I'd love the sport to be open to all comers, but the current rules make that impossible.

Offline John S

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Re: Manor Placed in Administration
« Reply #29 on: January 29, 2017, 09:19:39 PM »
There's a story emerging that Manor saviours are being frustrated by the Jules Bianchi affair and possible claims against the team arising from his death.

Due diligence by investors throws up the legal possibility of the team facing an open ended claim over the death, no one wants to sign up to a bottomless money pit from this situation without assurances.

Who is going to indemnify interested parties from future claims?  :DntKnw: Certainly not the administrators or the previous owners, so the Manor team as presently constituted is probably unsalable. 

Maybe the only way for new investors to escape the liability is to let the old entities go bust and buy up the assets from the ashes. But will the F1 entrance licence be able to traded in such a way?  :DntKnw:

Racing is Life - everything else is just....waiting. (Steve McQueen)

 


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