Following their financial struggles, Phoenix have been placed in administration, leaving jobs and livelihoods at risk. Administrators TMF Advisory said the Manchester-based team would continue to operate but is already starting the process of cost reduction in an attempt to start bringing the team’s income and expenditure figures back to where they should be.
In a statement, TMF Advisory said no redundancies have been made and all staff would be paid in full until the end of December; thus, seeing out the final rounds of the 2019 Formula Virtual World Championship. “The ongoing staff position will however, be dependant on whether the company can secure new investment in the limited time available.” it said. Phoenix entered FV at the start of last season as Phoenix Motorsport – the guise the team competed under in several seasons in the junior series – before selling a stake to DS Automobiles and the subsequent rebranding of the team for 2019, which was then sold back when DS announced their intention to leave the sport after an incredibly successful period for the French manufacturer. The team currently sit comfortably seventh in the Constructors' standings - albeit one place higher because of the unfortunate departure of Holmqvist - and look set to equal their best and so far only finishing position.
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