F1 team Manor folds after failing to find new buyer

LONDON - The Manor Formula One team has folded after failing to find a buyer in time for the new season.

Administrator FRP says there was "no sustainable operational or financial structure in place to maintain the group."

The British-based team was placed into financial administration three weeks ago in a frantic bid to find new investors ahead of preseason testing.

Formerly known as Marussia, Manor has been in financial trouble since late 2014 but managed to find a buyer in time for the 2015 season. Manor finished in last place in last season's F1 championship - missing out on 10th place and a much-needed cash windfall by one point.

Pascal Wehrlein and Esteban Ocon, last year's Manor drivers, have already found new teams.