14/09/2015
NEWS STORY
Manor has hired investment bank Rothschild as it looks to secure its future.
The team initially appointed the investment bank in 2014 when owner Andrei Cheglakov was unable to find new investors as it struggled financially. Then came the collapse which almost saw the team go under, along with Caterham.
Now, under the guidance of Stephen Fitzpatrick, who stepped in and saved the struggling outfit at a time all seemed lost, Rothschild has been recruited once again.
According to the Daily Telegraph, Manor's accounts for the year ending 31 December 2014 reveal that the team faces a cash shortfall and is "wholly reliant" on funding from Fitzpatrick.
Fitzpatrick invested £30m, with a further £35.4m coming in instalments from the prize money for finishing ninth in the 2014 standings.
"The company is therefore wholly reliant on the financial support of Stephen Fitzpatrick, the ultimate controlling party, to fund any cash shortfall between income and expenditure," says Manor Grand Prix director Vincent Casey.
The 2014 accounts reveal a net loss of £52.9m, ten times that of 2013, courtesy of reduced sponsorship and the new formula.
Revenue fell from £34.6m in 2013 to £26.2m while costs increased by 22.6 per cent to £83.7m.
The team is currently tenth in the standings, its best result coming at Silverstone where Roberto Merhi and will Stevens finished 12th and 13th.