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Arrows is wound up for good (sob)

Is no more
By Huw Alban January 14 2003
According to grandprix.com the Arrows team were officially wound up yesterday after a court action, led by Heinz-Harald Frentzen, went unopposed. It is highly likely that the remaining team assets will now be split up and sold off.

The monies raised from the team's assets are not likely to be that substantial. The majority holding is currently owned by HSBC, who had expressed some outside interest, and grandprix.com believes that the little that is left will be swallowed in legal fees, as the remaining creditors fight out between them as to who gets what.

The controlling company, Arrows Autosport, is still in business pending another court hearing brought about by Morgan Grenfell. A result on this is expected by the end of this week; the likely result being that this too will be wound up.

Whatever happened to that renewed interest, HSBC?


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