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Manor re-hire Rothschild investment bank to field bids

Manor rehire Rothschild to field their bids from potential new investors after they receive offers from unknown sources.

Manor Formula 1 team has re-hired Rothschild investment bank to field bids from potential new investors.

The Sheffield-based team has received unsolicited bids for minority stakes as it continues to struggle financially and on the grid.

Rothschild was appointed last year after the team's previous owner, Russian businessman Andrei Cheglakov, had failed to find new investment.

However, the agreement with the bank was put on hold when the team went into administration in October last year with debts of £63.6m.

Manor's accounts for the year ending December 31, 2014 reveal that they are facing a cash shortfall and have become fully reliant on new owner Stephen Fitzpatrick, who is reportedly investing £30m into the team.

The F1 outfit has only scored two points since joining F1 in 2010.

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