By Huw Alban
July 16 2002

As reported yesterday, the Arrows team had given itself until today to decide whether it was going to continue racing. The news so far is not as positive as this site would have liked to report, but the team are still fighting for an agreement that would secure it’s future. Arrows released a press statement today, at 17:55, which reads:


As the Formula One world heads off to Magny-Cours for the French Grand Prix, the future of Arrows still hangs in the balance. The team has been, and remains, in discussions with shareholders and several potential investors. The outcome of these discussions will determine Arrows’ future.

“We have new investors waiting to step in and secure our future, but we still have to come to agreement with existing shareholders,” commented Team Principal, Tom Walkinshaw. “Negotiations are detailed and complex but we don’t intend to give up. We need more time. We want to do a deal that will satisfy everyone concerned. We are still in discussions with all parties and are now moving into the time-consuming due diligence process with some of the potential investors. I have instructed the team to despatch the cars and transporters to Magny-Cours this evening, and we will do all in our power to compete at the weekend.”

The last word for today goes to Tom, “We’ll keep on trying and hope that common sense and responsibility prevail. We’ll keep you informed.”

Leafield, 16 July 2002

Further updates will be issued as and when available.


Unfortunately there is not much more to add to this, apart from further detail on deadlines obtained from the BBC. According to the British Sports news service the team have until Thursday 16:00 BST in order to present their cars for official scrutineering at the Magny-Cours circuit, or risk a fine of £330,000 for non-attendance, and possible eviction from the championship.