Manor Racing is set to receive a financial boost from a fresh investor after current owner Stephen Fitzpatrick confirmed talks have now reached an advanced stage.
Manor CEO Thomas Mayer revealed the team could be in line for a takeover from a new majority shareholder over the Brazilian Grand Prix, with owner Fitzpatrick – who assumed control of the minnow team at the end of the 2014 season – confirming that terms have been agreed.
Indeed, Fitzpatrick says he was always open to the possibility of a majority investor coming in to bolster the team's fortunes, but declined to give specific details.
“I can't talk too much about the specifics but we have been in discussions with several investors, well, for the last six months let's say. One of the things I was quite clear on, right from the start, was that I accepted that in the current F1, money equals performance.
“Anything that was going to bring more funding to the team and help the team develop and progress I was very open and if that meant bringing another investor, even a majority investor, hat was something I was happy to do.
“We have agreed terms with an investor at the moment and we are still working through that and I can't really talk more about the specifics.”
Manor's financial security was dealt a blow last time out in Brazil after rivals Sauber scored points at Interlagos. The result means Sauber goes ahead of Manor in the constructors' standings, a position swap worth millions in prize money.