Raceboy
12-08-2002, 20:33
Arrows look set to miss the upcoming Hungarian Grand Prix after their team transporters were instructed to return to their UK base whilst en-route to the Hungaroring, Crash.Net can exclusively reveal.
Crash.Net can exclusively reveal that the Arrows Formula One trucks have been instructed to turn back to their English base half way through their trans-European convoy to Budapest. They reached Germany, near to the Nurburgring on Monday afternoon but were told to turn back and are now en-route via Luxembourg back to the UK.
It appears that the team's financial matters are far worse than initially thought. Arrows staff have not been paid for July and allegedly the potential take over deal which would have secured the team's future is also in jeopardy due to ongoing problems and unforeseen complications in the 'due diligence' appraisal of the team's assets and liabilities.
By not showing up in Hungary the team will at least save themselves the payment of a further $1.6 Million to Cosworth for the use of their engines, but on the other hand will incur the wrath of the FIA/FOA and therefore be liable to the harsh financial penalty which is levied to any team who miss a Grand Prix.
It seems they are indeed in a Catch 22 situation, Tom Walkinshaw addressed the employee's at the Leafield factory this afternoon and stated that to compete in Hungary would jeopardise their chances of successfully completing the sale of the team to the yet unknown investors, still believed to be either a consortium led by former BAR team principal Craig Pollock or to the Red Bull energy drinks company.
It appears that Arrows will formally announce their non-appearance at the Hungarian Grand Prix tomorrow in a press release, for more information visit Crash.Net for the latest breaking news.
bron: crash.net
Crash.Net can exclusively reveal that the Arrows Formula One trucks have been instructed to turn back to their English base half way through their trans-European convoy to Budapest. They reached Germany, near to the Nurburgring on Monday afternoon but were told to turn back and are now en-route via Luxembourg back to the UK.
It appears that the team's financial matters are far worse than initially thought. Arrows staff have not been paid for July and allegedly the potential take over deal which would have secured the team's future is also in jeopardy due to ongoing problems and unforeseen complications in the 'due diligence' appraisal of the team's assets and liabilities.
By not showing up in Hungary the team will at least save themselves the payment of a further $1.6 Million to Cosworth for the use of their engines, but on the other hand will incur the wrath of the FIA/FOA and therefore be liable to the harsh financial penalty which is levied to any team who miss a Grand Prix.
It seems they are indeed in a Catch 22 situation, Tom Walkinshaw addressed the employee's at the Leafield factory this afternoon and stated that to compete in Hungary would jeopardise their chances of successfully completing the sale of the team to the yet unknown investors, still believed to be either a consortium led by former BAR team principal Craig Pollock or to the Red Bull energy drinks company.
It appears that Arrows will formally announce their non-appearance at the Hungarian Grand Prix tomorrow in a press release, for more information visit Crash.Net for the latest breaking news.
bron: crash.net