Just Racing Services Limited (JRSL) was placed into administration on 6 January, leaving the future of the Banbury-based side in doubt.

Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights for the team's participation in F1, was not in administration.

Backed by OVO Energy founder Stephen Fitzpatrick, the team employed 212 people, FRP Advisory administrators Geoff Rowley and Phil Armstrong could not find a buyer.

Staff were sent home on Friday and told they will be made redundant by the close of business on Tuesday after the payment of January salaries.

‘It is deeply regrettable that the team has had to cease trading and close its doors,’ said Rowley.

‘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. The administration process provided a moratorium to allow for attempts to secure a long term viable solution for the team within in a very limited time-frame but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight time-frame.’

Manor’s previous iteration, Marussia, was previously in administration in January 2015 before exiting administration on 19 February 2015, and re-established as the ‘Manor Marussia F1 Team’ after a CVA had been signed and new investment was secured.