The Manor F1 team's hopes of competing in the Formula 1 season opener in Australia are fading, with sources indicating that the outfit has a week left to find a buyer.

Just Racing Services Ltd, the company that operates Manor, went into administration last week as the team failed to find an investor that would secure its future.

While the team is pursuing all possible avenues to secure its future, time is running out.

Despite the financial situation, the 2017 car is ready to go into production at its Banbury headquarters.

However, with the team being in administration, production of the parts cannot start as the administrator has blocked all extra expenditure in order to protect creditors.

The team is believed to be in a situation where it could still be ready for Melbourne, but it needs to find an investor before the end of next week.

A source close to the situation indicated that the deadline to find a solution is January 20. After that, the fate of the team will be sealed.

Entrepreneur Tavo Hellmund had emerged as the favourite to complete a takeover of Manor in December, but a possible deal fell through.

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McQuilliam still working

Technical director John McQuilliam remains with the Banbury outfit, despite official paperwork showing that he resigned as a director of Manor Grand Prix Racing Ltd – the company behind the team – on December 30.

Rather than indicate that he is leaving the resignation was a technical formality related to a hoped-for sale, which didn't go through, but which would have seen new directors join the company.

A spokesman for administrators FRP Advisory told Motorsport.com: "John remains with the team and remains fully committed to working with colleagues and the joint administrators to secure the future of Manor Racing.

"While John remains fully committed to continuing his work with colleagues on the team, on 30 December 2016 John resigned his position as a statutory director of Manor Grand Prix Racing Limited in anticipation at that time of Manor Racing being imminently under new ownership."

The 54-year-old McQuilliam has been with Manor from its early days under the Virgin Racing name, having joined as chief designer when the project began in 2009. He took over the technical director role in February 2015.

McQuilliam started his career at British Aerospace, and enjoyed spells at Williams and Arrows before joining Jordan Grand Prix as head of composite design. He eventually became chief designer at Jordan.

Source: Motorsport.com

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