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Thursday, 12 December, 2002, 14:49 GMT
Arrows rescue deal collapses
The Arrows team in action during the 2002 season
The future is not bright for Arrows
The future of the Arrows Formula One team looked even bleaker on Thursday after its potential German saviour announced he had broken off talks.

Oliver Behring, the businessman said to be acting for a group of Arab investors who wanted to buy the team, blamed Arrows for the collapse.

He claimed the team's failure to get an entry into next year's World Championship was the reason for ending his discussion.

"The deal with Arrows is off, and I see no other deal for Arrows," Behring was quoted as saying in a German magazine on Thursday.

"And because it's by now too late, I see no future for the team at all even if they still get a licence to drive next season."

Appeal bid

The failure of the latest plan to buy the team is another massive blow to Tom Walkinshaw's Oxfordshire-based outfit which last week laid off all its staff.

Arrows were refused an entry into the 2003 championship by FIA, the sports governing body, after missing the final five races of last season because of cash problems.

They immediately announced an intention to appeal.

Even if a deal had been agreed any new team would have had to pay a bond of around 31m to the governing body.

Arrows are currently in the middle of a High Court hearing with Morgan Grenfell, the investment bank which has a multi-million pound stake in the team.

That hearing is expected to be settled sometime next week while Arrows also face a winding-up order from former driver Heinz-Harald Frentzen.

If Arrows are forced into liquidation they would become the second F1 team in the space of 12 months to go bust, joining Prost on the grand prix scrapheap.


Road to nowhere

Analysis
Links to more Motorsport stories are at the foot of the page.


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