UK-based Formula One team, Manor, has all but collapsed after it has failed to find a new buyer.
Cash crunch forced the team into administration in the new year, with a small window to find a buyer. A new buyer could help it continue to be part of the new F1 season which begins in March end.
The operating company for the racing team, Just Racing Services Ltd, will now shut operations. However, its sister company Manor Grand Prix Racing Ltd, which holds the F1 licence to compete in the World Championship, is not in administration.
Manor was one of the three startups to join F1 in 2010. The two others, HRT and Caterham, have already downed their shutters earlier.
Worse, Manor have no confirmed drivers, with French rookie Esteban Ocon moving to Force India at the end of last season. Mercedes reserve Pascal Wehrlein will move to Sauber shortly.
2017 has had an eventful beginning for Formula One as it has had a new owner taking charge. Former promoter Bernie Ecclestone is still associated with F1 as an non-executive Chairman. Its new owner Liberty Media recently appointed Chase Carey as the CEO.
2016 had closed for F1 with a surprise when star driver, Nico Rosberg, had decided to retire.
With nearly eight weeks to go for the first race of the season at Melbourne, F1 now has ten teams for the season.