The Manor F1 team has folded after going into administration and failing to find a buyer, leaving the sport with 10 teams two months before the start of the season in Australia.

Administrators FRP Advisory said that, while a separate entity that holds the right to enter the world championship remained active, the team’s operating company Just Racing Services Ltd (JRSL) had ceased to trade.

All but a handful of the 212 staff, who were sent home yesterday, will be made redundant next week. The British-based team, last in the 2016 championship, went into administration on January 6.

The news came only days after the sport changed hands, with US-based Liberty Media completing a takeover and replacing the sport’s 86-year-old commercial supremo Bernie Ecclestone with Chase Carey.

“It is deeply regrettable that the team has had to cease trading and close its doors,” said joint administrator Geoff Rowley in a statement.

“We shall on Tuesday make staff redundant, all of whom have been paid for the full month of January.”

FRP said it and the team’s senior management had been unable to secure new investment within the time available.

Administrators had sounded more hopeful earlier in the week, amid speculation about a possible Indonesian takeover, saying talks with interested parties had intensified.