By Huw Alban
July 4 2002

Since the shock news was first broken to this site at around 15:00 this afternoon, there have been several developments. Eddie Jordan has spoken out in support of the team, and news has broken that the team cannot pay for it’s Cosworth engines this weekend. Ananova.com has reported that the team has lost it’s High Court battle this afternoon, meaning that the sale of the team will not go ahead. This will prevent the team from raising the necessary finances to pay for new engines to use in Sunday’s race.

Despite this the site is carrying a quote from Eddie Jordan, who backs Tom Walkinshaw’s efforts to keep the Arrows team racing. “I have known Tom a long time and he is a fighter. He is a miracle worker and he will be here,” the Jordan team boss was quoted as saying.

According to Ananova the team have requested a postponement of the scrutineering of their cars - which was due to take place at the track on Thursday afternoon - until Friday morning, which gives the fans some reason to hope.

The BBC news service are adding to the unfolding story with a damning quote alledgedly from Arrows’ lawyers. The team are “doomed barring a miracle,” they were quoted as saying today at the High Court.

Mr Justice Lightman has also been quoted as saying that the team were in a “dire financial situation.”

The BBC are also carrying the story that the High Court has “refused the team permission to enter into new commercial deals to raise money to pay for engines to race at the British Grand Prix.”

With regard to the monies owed to engine supplier Cosworth, commercial director Bernard Ferguson said, “All I know is we need quite a few million dollars and we can’t give them an engine until we are paid.

“They will not be in a position to run at Silverstone until we are paid.

“They believe they will be in a position to pay for the engines, and we want to support them because we believe in them and want to work with them. But we are not prepared to be their sponsor.”

Finally to wind up this update, F1newswire believes that if the team do not race this weekend that will be it as far as Arrows competing in Formula 1. The site’s coverage of the story indicates that if Cosworth cannot be paid then the team will not race and, “hence almost certainly forfeiting their rights to ever compete in Formula One again.”