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Manor Racing is unlikely to compete in the 2017 Formula One season after its operating company went into administration following the team's failure to secure investors and losing a place in the constructors' championship.
Just Racing Services Ltd, which runs the team, has been appointed a joint administrator in FRP Advisory LLP, a specialist restructuring and insolvency services firm to oversee the process.
Having failed to secure an investor for 2017, despite talks with several potential investors over the last few months, the team was faced with no other option but to end the operation.
Terms of a sale were agreed with an Asian investment consortium last month but that failed to materialise, according to team owner Stephen Fitzpatrick, a British businessman who founded the OVO Energy company.
"Unfortunately time ran out before they could complete the transaction," Fitzpatrick added.
The team was pulled out of administration by Fitzpatrick in February 2015, when it was called Marussia.
Manor scored a point in 2016 after Pascal Wehrlein finished in tenth place at the Austrian Grand Prix in July, which positioned the team to tenth in the championship. It held the place till the Brazilian GP in November but were pushed down to 11th after Felipe Nasr finished ninth, scoring two points for Sauber that got the Swiss team the coveted tenth place.
"For much of the season we were on track. But the dramatic race in Brazil ended our hopes of this result and ultimately brought into doubt the team's ability to race in 2017," Fitzpatrick confirmed. "We made a huge amount of progress on and off track but ultimately it was not enough."