Administrators at Banbury F1 Manor Racing team save 212 jobs until the end of January in hopes of finding a buyer

Administrators have found the cash to keep 212 workers on until then in the hopes it will help find a buyer.

The Banbury-based team’s parent company Just Racing went into administration on January 6, after previous attempts to find a buyer fell through.

Administrators FRP Advisory are now talking to several firms who could potentially save the team.

Spokesman James Rossiter said: “Talks continue with a number of parties and administrators have received a number of enquiries since their appointment.”

He said many had expected jobs to start being cut within two weeks of administration but that keeping staff on for longer made the company a more attractive proposition.

He added: “Having staff employed for a longer period than was expected will help this whole process.”

Mr Rossiter said about 100 staff were still going into work on Chalker Way, Banbury, and another 112 were working elsewhere.

He also said the Manor team were continuing their work to get a new modified chassis ready for the 2017 racing season.