According to reports around the globe, Manor Racing have gone into administration and will not be part of the new season if they do not find new investment.
Manor, who finished eleventh on the Constructors’ Championship last year, have failed to secure a new deal, despite being in talks with a number of investors.
Manor owner Stephen Fitzpatrick, who also owns energy company Ovo, decided to put the British-based outfit into administration whlie the top tier staff were notified on Friday morning.
Fitzpatrick played down monetary worries at the Abu Dhabi Grand Prix last season as he was confident that new investors won’t be an issue.
However the situation has changed at the Manor camp.
The team are currently without drivers as Pascal Wehrlein looks set to join Sauber, Esteban Ocon has moved onto Force India and Rio Haryanto failed to get funding for the new season.