Manor ‘agree terms’ with new investor

Manor owner Stephen Fitzpatrick has confirmed he has “agreed terms” with a new investor that would help secure the team’s future heading into 2017.

Fitzpatrick confirmed reports that have been doing the rounds that Manor have been speaking with investors, however, could not go into detail.

“I can’t talk too much about the specifics but we have been in discussions with several investors, well, for the last six months let’s say,” he explained.

“One of the things I was quite clear on, right from the start, was that I accepted that in the current F1, money equals performance, so anything that was going to bring more funding to the team and help the team develop and progress I was very open and if that meant bringing another investor, even a majority investor, that was something I was happy to do.

“We have agreed terms with an investor at the moment and we are still working through that and I can’t really talk more about the specifics.”

Manor were on track to finish this season tenth in the Constructors’ Championship ahead of the point-less Sauber team, however, lost that to Sauber when they finally scored at the penultimate grand prix in Brazil.

Fitzpatrick concedes that losing P10, which is worth an estimated $11m, will also impact Manor’s deal with the investor.

“The terms of our agreement have been re-finalised, let’s say,” he said.

“It was clear that in tenth place with one point on the board, two races left, that there are lots of scenarios and you plan for those in advance.

“So from my point of view it’s disappointing but it’s not unexpected – or at least not a surprise.”