According to reports on the BBC, Formula One will be one team short when they line up on the Albert Park grid for the 2017 season opener in March with Manor Racing going into administration.

It appears as if the team has fallen over due to being unable to secure further funding for the upcoming 2017 season, however it must be noted that ‘Manor Grand Prix Racing Ltd' which holds the racing rights is not in administration, instead it is ‘Just Racing Services Ltd', the team's operating company based in Britain.

“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,” joint administrator and partner at FRP Advisory said in a statement on Friday.

“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. Therefore, they have been left with no alternative but to place JRSL into administration."

The statement went on to say that the team's participation in the new season 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.