Formula 1
Arrows to miss British GP?
The Arrows Grand Prix team appear to be in a state of crisis on the eve of their home Grand Prix at Silverstone. The team are in serious financial problems and currently have to pay Cosworth $4.5m by tomorrow morning if they are to take part in the ...
Published: Jul 5, 2002, 7:53 PM
Copy link
Share on Viber
The Arrows Grand Prix team appear to be in a state of crisis on the eve of their home Grand Prix at Silverstone. The team are in serious financial problems and currently have to pay Cosworth $4.5m by tomorrow morning if they are to take part in the race weekend.
The British based team missed scrutineering this afternoon but have asked the FIA for an extension until tomorrow morning at 10am. The team hope that the time will enable them to reach a solution with Niki Lauda who heads up Ford's Premier Performance Division who in turn own Cosworth Engineering.
The team's perilous financial state is thought to be partly due to a dispute between Team principal Tom Walkinshaw and co-owner Morgan Grenfell. The two parties have been in court this week trying to resolve a dispute in which Walkinshaw is trying to line up a new US-based investor. Seemingly no solution is yet in place for additional funding. "We are in the final steps of negotiation with a new investor," a team spokeswoman told the BBC today, "but that process is being held up by an injunction issued on behalf of Morgan Grenfell."
It seems unlikely that a solution will be reached while Niki Lauda hopes that his customer team will be able to raise the funds needed to pay their debt and compete at the British Grand Prix. "I did all I could to help but I have to look after the interests of Cosworth," Autosport report Lauda as saying. "If he pays the money to me then he will race - and I would like to see him race."
The team have the drivers, staff and A23 chassis' at the circuit and the future of the team all depends on whether team Principle Tom Walkinshaw is able to pay the money that he owed for the use of the Cosworth V10 engines before first practice tomorrow morning.
The London High Court heard earlier that Arrows were in "a dire financial position" and doomed "short of a miracle." For the whole team, the next 24-hours will be critical to the teams survival as if they are forced to miss the British Grand Prix, the team will face further financial penalties from the FIA.
Courtesy CART-Racing.com
We want your opinion!
What would you like to see on Motorsport.com?
Take our 5 minute survey.
- The Motorsport.com Team
Read and post comments
Read also :
Share Or Save This Story
Copy link
Share on Viber
Previous article McLaren introduces pitstop cooling system
Next article McLaren, BAE Systems extend partnership
Top Comments
There are no comments at the moment. Would you like to write one?
View More & Comment
More from
Niki Lauda
Who belongs on F1's Mount Rushmore? Pick your four greatest drivers
Formula 1
Formula 1
Who belongs on F1's Mount Rushmore? Pick your four greatest drivers
Niki Lauda's championship-winning Ferrari 312T returns in Austria as son takes wheel
Formula 1
Formula 1
Austrian GP
Niki Lauda's championship-winning Ferrari 312T returns in Austria as son takes wheel
Mercedes welcome Niki Lauda's family at F1 Austrian GP: "A legacy that lives on"
Formula 1
Formula 1
Austrian GP
Mercedes welcome Niki Lauda's family at F1 Austrian GP: "A legacy that lives on"
Latest news
Max Verstappen on GTWC Europe debut: “We’re here to win”
GT World Challenge Europe Endurance
WCEE GT World Challenge Europe Endurance 8 h
Max Verstappen on GTWC Europe debut: “We’re here to win”
How to watch NASCAR at Phoenix II: Weekend schedule, start time, entry list, TV
NASCAR Cup
NAS NASCAR Cup
Phoenix II
8 h
How to watch NASCAR at Phoenix II: Weekend schedule, start time, entry list, TV
Ryan Ellis signs multi-year NASCAR O'Reilly deal with Alpha Prime Racing
NASCAR O'Reilly
NOAP NASCAR O'Reilly
Phoenix II
9 h
Ryan Ellis signs multi-year NASCAR O'Reilly deal with Alpha Prime Racing
Ayao Komatsu: Rafael Camara chosen for F1 2027 seat on speed, not Ferrari links
Formula 1
F1 Formula 1
Singapore GP
15 h
Ayao Komatsu: Rafael Camara chosen for F1 2027 seat on speed, not Ferrari links
Feature
Discover prime content
Subscribe and access Motorsport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
You have 2 options:
- Become a subscriber.
- Disable your adblocker.
Subscribe now Already subscribed? Sign in here
Already disabled your adblocker?
Reload page
Manage Alerts
Subscribe