Username
Password
Arrows meets the deadline, but faces new threat

When will it end?
By Huw Alban November 18 2002
After a nerve wracking Friday, and a weekend of conflicting information, it has now emerged that the Arrows team have submitted an application for the 2003 season. Another legal barrier now looms, with the team on the receiving end of another court hearing brought by Morgan Grenfell.

The confirmation that the team had paid the FIA registration fee came in a short statement from an Arrows spokeswoman to the Reuters News Agency. “The entry has gone in,” the statement read, bringing to an end a hectic week where Arrows confirmed a rescue deal from Germany and filed for administration to protect that deal.

Just because Arrows have submitted an entry, their entry into next year’s championship is not guaranteed. The FIA have been very quiet over whether there will be any challenge to Arrows’ entry, and there have been whispers that the majority of the paddock are unhappy with Arrows’ application, but so far no-one has spoken out publically.

In addition, today it has emerged that the team’s application to be placed into administration has been put on hold. Apparently there is an argument over whether Morgan Grenfell has any say over the team’s assets. This is seen as a pivotal argument to allowing the German deal to complete. The team are due in court again on December 9th, when Tom Walkinshaw will have to prove that he gave no guarantees to the Finance company. “It is a matter of great urgency for the parties and creditors generally to know whether or not this security is valid,” said presiding judge Mr Justice Lightman.

It is thought that the German deal is simply there to secure the team as a company, until the application for 2003 has been approved. Assuming it is, it is then thought that the team will be sold to an interested party believed to originate from the United Arab Emirates.

We’ll keep you posted when we hear more.


Bookmark or share this story with: