FF_Mark
05-07-2002, 00:16
The future of the Arrows Grand Prix team looks black after mounting debts and court cases threatened to engulf it completely on the eve of the British Grand Prix weekend.
The Leafield-based outfit is facing two court cases this week. One involves former shareholder and investment bank Morgan Grenfell, which is claiming compensation before Arrows sells shares to new investors found by team boss Tom Walkinshaw.
The second case involves the team's former driver Jos Verstappen, who was dropped before the start of the season in favour of Heinz-Harald Frentzen. The Dutchman has been attempting to take legal action ever since.
On top of all this, Arrows is also said to owe engine supplier Cosworth $4.5 million.
It has come to light just how serious Arrows' plight is in the London High Court today. Mr Justice Lightman said that the company was in "a dire financial position". When he was asked if the team was "finished", he replied: "Short of a miracle. At the present time the prognosis is that the company is doomed."
The Arrows cars only arrived in the Silverstone paddock after 1830 on Thursday. The team missed scrutineering at 1600 (BST), but was given an extension to allow it a chance to meet a new deadline.
But even though the cars arrived at the track, there are still serious doubts that Arrows will be able to participate in this weekend's GP. And that would have massive ramifications for the rest of the season. Arrows would face a huge fine for missing a race of the world championship.
The Leafield-based outfit is facing two court cases this week. One involves former shareholder and investment bank Morgan Grenfell, which is claiming compensation before Arrows sells shares to new investors found by team boss Tom Walkinshaw.
The second case involves the team's former driver Jos Verstappen, who was dropped before the start of the season in favour of Heinz-Harald Frentzen. The Dutchman has been attempting to take legal action ever since.
On top of all this, Arrows is also said to owe engine supplier Cosworth $4.5 million.
It has come to light just how serious Arrows' plight is in the London High Court today. Mr Justice Lightman said that the company was in "a dire financial position". When he was asked if the team was "finished", he replied: "Short of a miracle. At the present time the prognosis is that the company is doomed."
The Arrows cars only arrived in the Silverstone paddock after 1830 on Thursday. The team missed scrutineering at 1600 (BST), but was given an extension to allow it a chance to meet a new deadline.
But even though the cars arrived at the track, there are still serious doubts that Arrows will be able to participate in this weekend's GP. And that would have massive ramifications for the rest of the season. Arrows would face a huge fine for missing a race of the world championship.