Administrators made 'progress' this week as talks continued to try and save Manor Racing and keep it on the F1 2017 grid.
According to reports by the BBC
, staff have been told “prospects have improved considerably over the last few days”, although the identity of the new investor or investors remains unknown.
The minnow team's operators Just Racing Ltd slipped into administration on 6th January, leaving it originally with just two weeks (until 20th January) to source new investors or face being wound up. However, FRP Advisory – who are overseeing the administration process again – later sourced money to pay staff until the end of month, extending the deadline by an extra week (to 27th January next Friday) to find a buyer before it will be forced to consider redundancies.
It is believed the team needs at least £500,000 to be able to take in the two pre-season tests and race in Australia, the season opener.
The FIA has allegedly given the team permission to use its 2016 car, albeit with modifications to meet this year's revised technical regulations.
Owner Stephen Fitzpatrick – who purchased the team in 2015 – revealed at the time of the administration announcement that Manor was in talks with several investors for the 2017 season up to the end of last year. However, the loss of 10th in the constructors' standings with just one round remaining – costing it an approximate £10 million in prize money – scuppered negotiations.
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