Manor takeover: further clarification on the CGF bid

manor

Earlier today we posted a blog reacting to the news that a takeover bid from CGF for Manor Racing had been rejected by the team owner Stephen Fitzpatrick due to a disagreement over the asking price for the team.

The current bid by CGF will not be accepted but we have been told by the team that it is not a matter of Fitzpatrick holding out for more money as had been suggested elsewhere.

I have been informed by a source within the team that CGF have yet to provide the team or the administrators with any evidence that they could fund the team for the 2017 season. Clearly, until such evidence arrives, no deal will be reached.

Who is spearheading the CGF takeover bid remains a mystery to even the team and administrators. This may surprise or worry people but corporate disclosure regulations are tight so CGF is not obliged to to file publicly-available financial statements or reveal the identity of its shareholders.

What we will say, and this is purely our opinion, it is a buyers market and CGF will be aware that there is little other interest out there. They may wait till the very last minute to show their hand or let the team slip into liquidation, removing the current owners and build from scratch just as Fitzpatrick did in 2015 when he obtained the team.

More money has been put into the team by the current owners to ensure wages are paid this month and that takeover talks can remain ongoing. However, time is now against the team and the situation is now critical.

Furthermore, we have been informed that every effort was made by the owners to prevent Sky Sports News reporting the news of the adminsitration before they had informed the staff. Someone leaked the news to Sky Sports News who in turn ignored pleas from the owners to delay breaking the news until they had spoke to staff.

It has been a see-saw couple of days for this blog. Our email box has certainly been busy with several different and credible sources contradicting each other. We are struggling to keep up with it all but we will pass on what we are allowed to and will try and keep you as updated as and when we are permitted to.

How this will end? At this very moment, we hand-on-heart don’t know, but we are now braced for the worst case scenario.