Found on
www.telegraph.co.uk -
Arrows unable to survive without 'miracle'
(Filed: 04/07/2002)
Arrows, the prestigious British Formula One racing team, is "doomed short of a miracle", according to the company's lawyers at a High Court hearing today.
The company had been refused permission by Mr Justice Lightman to enter into commercial deals to raise money for new engines so they could take part in the Silverstone Grand Prix on Sunday.
Arrows bosses were understood to be trying to arrange a last minute-deal to save the company after Morgan Grenfell, the bankers which have invested millions of pounds in the company, successfully stopped the racing team selling their prime asset - its entitlement to payments from World Championship races.
Oh dear, looks as though they are in a little spot of bother!!