Arrows buyers pull out

Super Tourer · 12 Dec 2002, 13:59 (Ref:448340)

Story from www.autosport.com

Behring pulls out of Arrows

Future looking increasingly bleak for Arrows

The Arrows Formula 1 team's fortunes have taken another substantial blow as stories coming out of Germany report that Oliver Behring, the man behind German Grand Prix Racing, has broken his contact with the team.

Behring was trying to broker the sale of the team to a group of Arab investors, but recent events, chiefly the FIA's refusal to grant the team an entry into the 2003 F1 championship, has brought an end to the German's involvement and places the team's future in great doubt.

"The deal with Arrows is off, and I see no other deal for Arrows," Behring told Spiegel. "And because it's by now too late, I see no future for the team at all even if they still get a license to drive next season."

Arrows is currently in the midst of a High Court dispute with investment bank Morgan Grenfell, which should be settled at some stage next week. If Arrows loses the case it is likely that the team, which last week laid off all its staff, will be liquidated.

**GTRMagic** · 14 Dec 2002, 22:36 (Ref:450060)

You were of course assuming that the investors mentioned were actually seriously committed to the process..

The cynic in me wonders whether a Phoenix Finance type deal could be resurrected for a 2003 Arrows invasion??

Armco Bender · 15 Dec 2002, 02:40 (Ref:450143)

Quote:

Future looking increasingly bleak for Arrows

What an understatement!.

Valve Bounce · 15 Dec 2002, 03:00 (Ref:450144)

Whatevr may happen, I think one thing is very real and staring all the staff who havn't been paid for months:- the Arrows franchise is gone. They will not be able to sell their place on the grid to anyone, only the bits and pieces left in the sheds; just like Prost. And the creditors will grab everything and still not be able to meet most of the debts. This is sad but it is final.

f1manoz · 15 Dec 2002, 06:53 (Ref:450190)

Arrows is dead. And it's been over for a long time now. It's worse than a soap opera now.

I think it's about time to start shovelling in the dirt...

steve nielsen · 15 Dec 2002, 08:39 (Ref:450224)

Quote:

Originally posted by Valve Bounce
Whatevr may happen, I think one thing is very real and staring all the staff who havn't been paid for months:- the Arrows franchise is gone. They will not be able to sell their place on the grid to anyone, only the bits and pieces left in the sheds; just like Prost. And the creditors will grab everything and still not be able to meet most of the debts. This is sad but it is final.

the staff has been fired 2 weeks ago

Yoong Montoya · 16 Dec 2002, 19:23 (Ref:451337)

Quote:

Originally posted by f1manoz
Arrows is dead. And it's been over for a long time now. It's worse than a soap opera now.

I think it's about time to start shovelling in the dirt...

I think the team was pretty much dead after Hockenheim, and Walkinshaw didn't have the guts to admit it and kept trying to cover it up.

steve nielsen · 16 Dec 2002, 20:48 (Ref:451377)

the team already had problems more than a year ago, but Tom denied it, Jos still has'nt recieved his pay for the 2nd half of 2001.

Valve Bounce · 16 Dec 2002, 21:05 (Ref:451387)

I think the staff were given notice they wouldn't get paid, Steve.

I guess the quiver is empty of Arrows.

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