Manor F1 team to raise money through sale (Update)

Stephen Fitzpatrick

UPDATE This rumor is upgraded to 'fact' today. F1 backmarker Manor is in the process of being sold, current owner Stephen Fitzpatrick admitted in Abu Dhabi.

Reports have been circulating that, faced with losing millions in official prize money after the defeat to Sauber in Brazil, the talks with a buyer accelerated in the past days.

But Fitzpatrick, who rescued Manor following its near-collapse in late 2014, insists that losing that money was "Not a deal-breaker".

"And, most importantly, we're not finished yet," he said at the 2016 finale. "We've still got one race left."

But Fitzpatrick, who founded the energy company Ovo, would not comment on whether Manor will be partially or fully bought by the unnamed investor.

"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," he said.

But he did hint that it's a major deal.

"One of the things I was quite clear on from the start was that I accepted that in the current F1, money equals performance.

"So anything that was going to bring more funding 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," Fitzpatrick said.

The hapless Manor team is bleeding cash

11/25/16 The struggling Manor Formula One team is on the verge of a takeover after its owner said on Friday that terms have been agreed with a new investor reports the Guardian.

Speaking at the Abu Dhabi Grand Prix, the British businessman Stephen Fitzpatrick said the team have been in discussions with several investors over the past six months. "We have agreed terms with an investor at the moment and we are still working through that," said Fitzpatrick, who rescued the team from administration in time for the 2015 season. "I can’t really talk more about the specifics."

Fitzpatrick is now prepared to take a back seat as long as it makes the team stronger.

"One of the things I was quite clear on, right from the start, was that in the current F1, money equals performance," he said. "So anything that was going to bring more funding to the team and help the team develop I was very open to … [even] if that meant bringing in another investor, and even a majority investor."

Manor have scored one point this season, putting them in 11th and last place in the constructors’ standings before Sunday’s season-ending race.

Manor are still aiming for 10th place and are one point behind Sauber, who currently hold that position. The difference between 10th and 11th is several millions in terms of television rights and revenue distribution.

Losing out on 10th spot would not affect the impending takeover, however. "It doesn’t help financially, but the terms of our agreement have been refinement, let’s say," Fitzpatrick said. "[It’s] not a deal breaker."

The highly rated German driver Pascal Wehrlein secured Manor’s point after finishing 10th at the Austrian Grand Prix in July. The team’s other driver, the 20-year-old Frenchman Esteban Ocon, is joining Force India next season.

help financially, but the terms of our agreement have been refinalized, let’s say," Fitzpatrick said Sauber, a move made potentially more likely with the news that Nasr has lost his banking sponsor Banco do Brasil. The Guardian