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  Saturday, 6 July, 2002, 09:30 GMT 10:30 UK
Arrows future still in doubt
Arrows mechanics sit idly in the team's garage during Friday's practice session
Arrows did not take part in Friday's practice session

Arrows boss Tom Walkinshaw has been unable to confirm that the troubled team will be able to complete the Formula One season.

The Scot said he was optimistic that he would be able to line up a new investor for Arrows but could only say that the team would race at the British Grand Prix this weekend.

Walkinshaw admitted that he had paid Cosworth for the engines that the team will use at Silverstone out of his own pocket.


It would be an understatement to say that relations with Morgan Grenfell are strained
Tom Walkinshaw

And he denied that the company had ever traded insolvently or fraudulently - accusations that were made by a High Court judge on Thursday.

Arrows' co-owner, the investment bank Morgan Grenfell, had taken the team to court to prevent them doing a deal that Walkinshaw had lined up with the soft drinks manufacturer Red Bull.

The judge said that Arrows' actions had been "underhand and improper, indeed downright dishonest".

But Walkinshaw defended his behaviour towards his partner.

"When it went to court, we were prevented from disclosing certain documents, so I can understand why the judge came to where he did," he said.

"It looked like we were trying to put trade creditors before secured creditors and he was prevented from seeing documents that proved that was not the case."

Arrows boss Tom Walkinshaw
Walkinshaw used his own money to ensure Arrows compete at Silverstone

Walkinshaw insisted, contrary to the judge's observations, that he had always acted properly towards Morgan Grenfell.

But he admitted: "It would be an understatement to say that relations with Morgan Grenfell are strained."

He said that he was negotiating with three potential investors in the team and was "optimistic that the future of Arrows is secure".

He said he did not know whether he would continue to be involved with the team in the future.

"If we have an offer to sell it, we will sell it - but I don't see a doomsday scenario."

Walkinshaw said that he had kept the team afloat with his own money for the past few months while they have been struggling for funds.

 WATCH/LISTEN
 ON THIS STORY
BBC Five Live's Peter Slater
"Arrows will race at home Grand Prix"
Arrows boss Tom Walkinshaw
"It's a ludicrous situation when there is money on offer"
In-depth guide to the 2002 Formula One season

On-track action

Our man at Silverstone

Jonathan Legard

F1 2002
Links to more Formula One stories are at the foot of the page.


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Links to more Formula One stories

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