has learnt that the team, which has been bankrolled for the last two years by Stephen Fitzpatrick, an energy industry executive, is lining up FRP Advisory to act as the administrator.
It#8217;s the only place to watch every race live in 2017
Manor Grand Prix Racing Limited, which holds the rights for the team#8217;s participation in F1, will continue to trade, the person added.
Efforts will continue to find a buyer to enable Manor to compete in the 2017 F1 world championship, but ongoing discussions with a number of prospective investors have so far failed to result in a deal.
The prospect of another financial collapse in F1 comes as Liberty Media prepares to complete a takeover deal for the sport, with executives floating the idea of a spending cap to be introduced in the coming years.
Manor finished in 11th and last place in the 2016 Constructors#8217; Championship, meaning it missed out on millions of pounds in prize money.