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

  Monday, 18 November, 2002, 14:37 GMT
Arrows bid put on hold
Heinz-Harald Frentzen, who is claiming money from the team, drives his Arrows past the crowd at the German GP
Arrows hopes to be on the F1 grid next year
The troubled Arrows Formula One team's bid to be put into administration has been delayed following a High Court hearing.

Cash-strapped Arrows are in the middle of negotiations with German investors to ensure their future in the sport and had applied to temporarily be placed in administration during negotiations.

But on Monday, lawyers for the team said they planned to adjourn the administration petition.

The team has also been in court to face a winding up order brought against them by a number of creditors who are owed money, including former driver Heinz-Harald Frentzen.

The two matters will now be heard in December by a court in Birmingham.

First Mr Justice Lightman must decide if major creditor Morgan Grenfell has a security over Arrows' assets and whether Morgan Grenfell has a guarantee from Arrows boss Tom Walkinshaw to recover any shortfall.

"It is a matter of great urgency for the parties and creditors generally to know whether or not this security is valid," Justice Lightman said during Monday's hearing.

Arrows said on Tuesday that German-based investors had agreed to inject cash into the struggling F1 team, which missed six Grands Prix last season.

If the company is taken over by the investors, which could happen in the next few days, the request for administration will become redundant.


Road to nowhere

Analysis
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