The Manor Formula 1 team has officially dropped into administration due to failure to find a buyer.
FRP Advisory has been appointed as administrator of Just Racing Services Ltd, which oversees the racing team.
Widespread reports have claimed that the news was delivered to members of staff at Manor's Banbury headquarters on Friday morning, which has put around 200 jobs in doubt.
The team are also in danger of failing to gain investment in time for the 2017 season, which begins with the Australian Grand Prix on March 26.
A statement from joint administrator Geoff Rowley read: "During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available. Therefore, they have been left with no alternative but to place JRSL into administration. The joint administrators are currently assessing options for the Group.
"The 2017 season commences on 26 March in Melbourne, Australia, and the team's participation will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.
"No redundancies have been made following JRSL's entering into administration and all staff have been paid in full to the end of December. The ongoing staff position will however be dependent on whether new investment can be secured in the limited time available and the joint administrators will continue to review the ongoing financial position.
"Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights for the team's participation in F1 is not in administration. We remain highly focused on engaging with interested parties."
Manor finished 11th last season.
Danielle Joynson
