Manor hire Rothschild, seeking investors

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Manor/Marussia’s ability to get on the 2015 grid in Formula 1 was in serious doubt at the start of the season and had it not been for Ovo owner, Stephen Fitzpatrick, rescuing the team from receivership, they most likely would have gone the way of Caterham and HRT.

Having scored only two points since joining F1, the team this week announced they would not be fielding a new chassis for 2015 instead they would focus on their 2016 efforts.

Today, however, another part of the story has emerged which could answer why the team is focusing on 2016.

According to the Telegraph, the team are in discussions with Rothschild Bank about handling bids for investment opportunities. According the the report, the team are running very close to the wind and if it were not for Fitzpatrick, they surely would be off the grid:

“The company is therefore wholly reliant on the financial support of Stephen Fitzpatrick, the ultimate controlling party, to fund any cash shortfall between income and expenditure,” says Manor Grand Prix director Vincent Casey.

It is said that Fitzpatrick is investing £30m, with another £35.4m ($52.2m) to appear as part of their prize money from 2014 for their point scored by the late Jules Bianchi. These future payments will be int he form of installments.

As Mr. Sylt points out in the article, this would suggest that Manor are running the smallest team budget in F1. That may be true but you have admire what they are achieving regardless of the lack of points.

Sure, using last year’s engines from Ferrari and a hybrid chassis from 2014, they aren’t going to score many points but if you consider they are a fraction of the top teams and running 4-5 seconds off the pace, that isn’t too bad is it? Question is, if they struggle to find investors, will they be on the grid in 2016?

Hat Tip: Telegraph

 

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jakobusvdl

Hi Todd,
It is just extraordinary how much it costs to just make the grid in F1, we should be grateful that people like Stephen Fitzgerald have the money and the motivation to pour that much money into a back marker team ( this year Ron D should be particularly grateful).
Does anyone know what Fitzgerald’s motivation is? Or how this story relates to the story that Manor are going to be Mercedes powered in 2016?

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