Manor Racing has made progress in talks with a possible investor as it bids to make the grid for the start of the 2017 Formula 1 season, according to a report from BBC Sport.
Manor confirmed at the beginning of the month that it had entered administration for the second time in three years amid ongoing financial difficulties.
The backmarker team finished 11th in last year’s constructors’ championship, dropping behind Sauber at the penultimate round and missing out on a sizeable amount of prize money as a result.
With a little over one month to go until the start of pre-season testing, Manor faces a race against time to keep racing, but the latest report from BBC Sport suggests that a breakthrough has been made.
Andrew Benson writes that the future of the team is dependent on the promised investment arriving in the next week, noting that “prospects have improved considerably over the last few days”.
Manor had previously been in talks with Mexican-American businessman Tavo Hellmund over a buyout, as well as a Chinese consortium. The report from BBC Sport also names Indonesian businessman Ricardo Galael, the father of GP2 racer Sean Galael, as a possible suitor for the team.
NBC Sports learned last week that the team is pushing to race with a modified version of its 2016 car – likely to be named the MRT05B – should it make the grid in 2017.
If Manor fails to find a buyer, the F1 grid will drop back down to 10 teams for the 2017 season, returning to its pre-2016 level prior to the arrival of Haas.
NBC Sports has approached Manor’s administrators, FRP Advisory, for comment.