Formula One team Manor Racing, formerly Marussia, was disbanded on Friday.
The news comes after the team announced on January 6 that it had entered administration, similar to bankruptcy protection, after several months of failed talks with potential investors to back it in the 2017 season. But with Manor having scored just one point in all of 2016, it’s not hard to see why investors are holding back.
Manor Racing was formed in 2010 but soon changed its name to that of main sponsor Virgin. The Virgin deal ended in 2012 when Russian sports car brand Marussia bought a controlling a stake and used its own name for the team. With the demise of the Marussia sports car brand in 2014, the Marussia F1 team soon fell into disarray. It was at this point that final owner Stephen Fitzpatrick bought the team, eventually reviving the Manor name a year later.
"Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership," administrator Geoff Rowley said in a statement. "Operating and running a F1 team to the high standards demanded, however, requires significant ongoing investment."
Manor, which is based in Banbury, England, had employed 212 staff. They will be paid until January 31, with only a few expected to receive a redundancy payment.
The team’s drivers in 2016 were Pascal Wehrlein, Esteban Ocon and Rio Haryanto. Wehrlein in 2017 will drive for Sauber while Ocon will drive for Force India. Haryanto won’t be racing in F1 in the new season.