- Manor cars [Copyright: Manor Racing]

FIA helps Manor to repay outstanding debts by reimbursing its 2017 F1 entry fee

1y ago

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The FIA has decided to return the entry fee paid by the now-defunct Formula 1 team, Manor Racing, which the British outfit paid to compete in the 2017 season.

Manor paid the fees in November 2016 alongside the extra money for the single point it scored, however, with Sauber beating them for 10th - the team lost millions, which eventually led to its demise.

The administrators tried to find a buyer until January 2017, but with no interest, it was the official end of the team's journey, which started under Virgin Racing in the 2010 season.

In March, it was decided to auction the four rolling chassis and the windtunnel model for the stillborn 2017 car, but it seems like, the creditors have still not been paid in full so far.

And so, in a kind gesture, the FIA announced the return of the entry fee minus the administrative costs it has incurred, in order to repay the outstanding debts.

The statement from the FIA read: "The Federation Internationale de l'Automobile (FIA) has returned the entry fee paid by Manor Grand Prix Racing Limited in November 2016 in order to be able to participate in the 2017 FIA Formula One World Championship.

"Just Racing Services Limited, the company within the Manor Group responsible for servicing the team went into administration in January of this year and ceased trading later that month. Consequently, the team did not take any part in the 2017 Championship.

"The FIA has therefore decided to return the entry fee, less the administrative costs incurred by the Federation as part of the entry process, to the entity within the Manor Group in administration as a gesture of good will to assist in payment of outstanding debts."

In usual circumstances, the FIA isn't bounded to repay a defunct team with the entry fee, however, with the special circumstances, the governing body has shown heart in such difficult circumstances.

[Image courtesy: Manor Racing] #F1 #Manor #VirginRacing #ManorRacing #Marussia #FIA #Motorsport #Formula1

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