NOVEMBER 26, 2016
Owner admits Manor investor deal agreed
F1 backmarker Manor is in the process of being sold, current owner Stephen Fitzpatrick admitted in Abu Dhabi.
Reports have been circulating that, faced with losing millions in official prize money after the defeat to Sauber in Brazil, the talks with a buyer accelerated in the past days.
But Fitzpatrick, who rescued Manor following its near-collapse in late 2014, insists that losing that money was "Not a deal-breaker".
"And, most importantly, we're not finished yet," he said at the 2016 finale. "We've still got one race left."
But Fitzpatrick, who founded the energy company Ovo, would not comment on whether Manor will be partially or fully bought by the unnamed investor.
"We have agreed terms with an investor at the moment and we are still working through that and I can't really talk more about the specifics," he said.
But he did hint that it's a major deal.
"One of the things I was quite clear on from the start was that I accepted that in the current F1, money equals performance.
"So anything that was going to bring more funding and help the team develop and progress I was very open and if that meant bringing another investor, even a majority investor, that was something I was happy to do," Fitzpatrick said.