A day after Beechdean Mansell Motorsport announced its decision to abandon its LMP1 project and put the Ginetta-Zytek for sale Ginetta has confirmed that Zytek Motorsport has gone into administration.
In a statement issued by LNT Group the following is said:
Ginetta announces today that Zytek Motorsport (formerly Zytek Engineering) went into administration on Friday 15th October, after a deal to sell the remaining shares to it’s largest individual shareholder Ginetta Chairman, Lawrence Tomlinson (below) fell through.
Mr Tomlinson commented: “The deal kept changing and eventually enough was enough. The business has been badly managed for the last 18 months. Zytek’s customers and employees have been badly treated as resources have been diverted to non-core activity behind mine and the Board of Directors backs. I have started a £5m law suit against Bill Gibson, a Director of Zytek Motorsport and Zytek Group. Ginetta will continue to build on it’s phenomenal success and is recruiting more engineers to strengthen it’s team and develop more new cars and engines in house.”
With Zytek Motorsport now into administration the future of the recently announced partnership with Nissan Motorsports International (NISMO) to provide engines for the LMP2 class from 2011 onwards is also unclear.