BANBURY-BASED Manor Racing have entered into administration.

It puts around 200 jobs at risk, while it had been believed Manor were trying to find a buyer for the 2017 season.

The team, which trades as Manor Endurance Racing Ltd, was formed in 1990 and first competed in F1 in 2010.

Geoff Rowley, joint administrator and partner at FRP Advisory, said: "The team has made significant progress under its new ownership since the start of 2015, the highlight of which included securing a constructors' championship point in the preceding F1 season, but the position remains that operating a F1 team requires significant ongoing investment.

"During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available."

Manor's participation in the 2017 Formula 1 season, which begins on March 26 in Melbourne, Australia, will 'depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity', FRP confirmed.

Management was left with 'no alternative' but to place Manor's parent company, Just Racing Services Limited, into administration, Mr Rowley added.

FRP said Manor Grand Prix Racing Ltd - the sister company of Just Racing Services - which has the rights for the team's participation in F1, is not in administration.

FRP are currently assessing options for the group.