BBC SPORT Arabic Spanish Russian Chinese
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX    SEARCH 

BBC Sport
 You are in: Motorsport: Formula One  
Sport Front Page
-------------------
Football
Cricket
Rugby Union
Rugby League
Tennis
Golf
Motorsport
Statistics
Formula One
World Rally
Motorbikes
Boxing
Athletics
Other Sports
-------------------
Special Events
-------------------
Sports Talk
-------------------
BBC Pundits
TV & Radio
Question of Sport
-------------------
Photo Galleries
Funny Old Game
-------------------
Around The UK: 
N Ireland
Scotland
Wales

BBC Sport Academy
BBC News
BBC Weather
SERVICES
-------------
LANGUAGES
EDITIONS

  Friday, 30 August, 2002, 09:53 GMT 10:53 UK
Arrows investor revealed

The man behind the deal that could save the future of the Arrows Formula One team is a wealthy American called Cal Smith, BBC Sport Online can exclusively reveal.

The billionaire, who is in his 80s, made his fortune in mining, a source said.

But no deal had been signed as of Friday morning and so the cars could not take to the track for practice at the Belgian Grand Prix.

And if they do run, the identity of the second driver remains unclear.

The team named Heinz-Harald Frentzen on the official entry list - but he is at home in Monaco and will not be rejoining the team.

The favourite to take the seat is Spaniard Fernando Alonso, the Renault test driver.

On Thursday, former F1 team owner Craig Pollock admitted that he had lost out in his attempt to buy Arrows.

The Scot was the front-runner to take over the trouble Formula One team two weeks ago, but Arrows said on Wednesday they were now in discussions with "an American investor".

Pollock said: "My interest in Arrows is officially finished. That's it."

BBC Sport Online understands that the US bid is a serious one - and would save Arrows if it comes off.

Arrows say they and the new investor have signed a "Heads of Agreement", a pre-contractual document that lays out the basics of a contract.

Arrows have struggled financially since July, when a London High Court injunction prevented Walkinshaw from selling key assets and taking on new investors.

The injunction was won by the team's chief shareholder, the investment bank Morgan Grenfell, who appear to be involved in talks with the new investor.

Arrows were not able to race at the Hungarian Grand Prix two weeks ago because of their financial problems.

And it needed a last-minute injection of Walkinshaw's own cash to compete at the British Grand Prix in July.

 WATCH/LISTEN
 ON THIS STORY
BBC Five Live's Peter Slater
"The mechanics would've walked out"
Former BAR boss Craig Pollock
"Tom has obviously signed with another group"

Road to nowhere

Analysis
In-depth guide to the 2002 Formula One season

On-track action

News

Jonathan Legard

Race statistics

F1 2002
Internet links:


The BBC is not responsible for the content of external internet sites

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


E-mail this story to a friend

Links to more Formula One stories

© BBC ^^ Back to top

Sport Front Page | Football | Cricket | Rugby Union | Rugby League |
Tennis | Golf | Motorsport | Boxing | Athletics | Other Sports |
Special Events | Sports Talk | BBC Pundits | TV & Radio | Question of Sport |
Photo Galleries | Funny Old Game | N Ireland | Scotland | Wales