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Manor Racing to close
The Manor Formula 1 team has collapsed after administrators failed to find a buyer.
Manor's operating company Just Racing Services entered administration on January 6 and FRP Advisory has been working hard to find a new owner for the business.
After failing to find a buyer, Just Racing ceased training on Friday with staff told that they will be made redundant by the close of business on Tuesday.
Formerly known as Marussia, the team entered administration at the end of 2014 with debts in the region of £35million and was forced to sit out the final three races of the season.
It was later recused by energy industry executive Stephen Fitzpatrick and rebranded under the Manor name but the team continued to struggle and it suffered a blow at the end of the 2016 season when Sauber scored two points at the Brazilian Grand Prix to move ahead of them in the constructors standings.
Failure to finish tenth in the constructors' championship is reported to have cost Manor in the region of £10million in prize money.
The team's collapse leaves ten teams on the grid ahead of the 2017 Formula 1 season which gets underway in Australia on March 26.
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