article_snippet: A self-made millionaire from Northern Ireland will put £30million of A self-made millionaire from Northern Ireland personal fortune into Formula One’s phoenix team, Manor.
article_snippet: With that injection, plus £28m in prize money, The team will run on a total budget of £58million.
article_snippet: The F1 team will enter a Company Voluntary Arrangement that will see The F1 team emerge from administration . '
article_snippet: Lowdon and Booth have moved heaven and earth to ensure the marque would continue in F1, holding numerous negotiations, notably with the long list of creditors owed a combined total of £60million.
article_snippet: It resulted in deals being struck and Manor obtaining a Company Voluntary Agreement (CVA) on February 19, allowing Lowdon and Booth to exit administration and press ahead with plans to return to the grid.
article_snippet: Power-unit supplier Ferrari, the main creditor owed £16.5m, was one of the key players in Manor's ability to acquire the CVA. '