It is now ten days since we reported that talks between Manor Racing, CGF and the appointed administrators were set to end with no deal expected to be reached.
That was our personal opinion at the time, based on the information provided to us by our source close to the deal but it seem we were wrong and against all odds, talks are still ongoing at the time of writing. We know this not only our from usual reliable source, but also from information given to us by several ex-employees’ who are in regular contact with the administrators.
At present, the administrators are telling the ex-staff members that a deal won’t be done because CGF cannot provide proof of funding at a figure they quote as being the required amount for the team to be able to see out the 2017 season.
However, the above claim is completely refuted by our source close to the deal as is the figure given to the ex-members of staff by the administrator.
This begs the question as to why the administrators have continued to negotiate with a company for two months that they don’t believe has any money? Why reject Tavo Hellmunds bid of twenty two million in preference of CGF’s bid in December, if they don’t think they have the funds?
Something does not add up.
We understand that the real reason for the bid has not yet succeeded is due to last minute amendments to the deal made which led to yet another hurdle being placed in front of the deal. We understand it is a significant roadblock which our source assures us would have most companies walking away from the deal.
Yet despite all this, the team has yet to be put into liquidation. The administrators are still updating employees’ on the situation. There is still a handful of staff in the Banbury HQ. The two drivers selected to drive for the team, if the bid is successful, have made no other plans for next season. Suppliers are also being kept abreast of the situation if indeed they are required to supply parts for a car at the very last minute. It might be ever decreasing as each day slips by but there is still a small chance the team may be saved.
From the moment the team was put into administration and CGF decided to re-enter takeover talks, it has been made very clear to us that the deal will only go a head if the team can make the first Grand Prix of the season in Melbourne.
In order to help meet this objective, Manor Racing Fan Blog has learnt in the past 24 hours that a group of ex-employees’ have contacted CGF directly, offering to restart working asap in order to ensure that the car has a fighting chance of being ready for Melbourne. They have offered to work extremely long hours, sacrifice weekends and work for free if it would keep the potential new buyers interested.
This is not the first time we have heard stories of such dedication from Manor employees’. They truly are an incredible bunch of people.
Many ex-members of staff have quickly gone into new employment elsewhere but several of them have reached out to us in hope the a deal would be reached to save to team before signing new contracts of employment. It is quite clear how much they loved working with the team and with each other. Given how badly they have been treated over the past few months, it’s quite heartbreaking in all honesty.
I am sure I speak on behalf of every single Manor Racing fans out there when I say I want to thank each and everyone of them for all the hard work and dedication to the team over the past few years. No matter what happens, we won’t forget.