Manor Formula 1 Team In Need Of At Least $625,000 To Race In Upcoming Season

Administrators for the Manor Formula 1 team said that talks with interested parties "have intensified but a firm financial commitment has yet to be secured as a deadline looms," according to Alan Baldwin of REUTERS. Manor needs at least £500,000 ($625,000) to pay salaries, prepare the cars and "go testing before the season starts" in Australia on March 26. Administrator FRP Advisory "agreed to pay all staff salaries to the end of January, after which employees may have to be laid off and preparations put on hold." An FRP Advisory spokesperson said, "Talks with interested parties will continue with all concerned aware that appropriate funding is needed to take the team forward to be in a position to complete testing with the beginning of the 2017 season still in everyone's mind. However, there is as yet nothing further to announce." Manor is owned by Stephen Fitzpatrick, who runs independent British energy supplier Ovo (REUTERS, 1/23).