A unique opportunity to purchase A1 GP - the 'World Cup of Motorsport' Leading global asset sales and valuations company, GoIndustry DoveBid, is offering a unique opportunity to acquire the assets of A1 GP, better known as the 'World Cup of ...
A unique opportunity to purchase A1 GP - the 'World Cup of Motorsport'
Leading global asset sales and valuations company, GoIndustry DoveBid, is offering a unique opportunity to acquire the assets of A1 GP, better known as the 'World Cup of Motorsport'.
GoIndustry DoveBid has been appointed to market the assets of A1 Holdings Ltd [UK parent company in liquidation] and A1 Grand Prix Operations Ltd [UK operating company in administration] on behalf of creditors in a Private Treaty Sale - in an effort to keep the popular race series alive.
A1 GP, founded in 2004, is a single manufacturer, open wheel formula racing series ratified by the Federation Internationale de l'Automobile (FIA), in which identical cars compete against each other. The series is nation-based and included high profile drivers such as Nelson Piquet Jr., Vitantonio Liuzzi and Sebastien Buemi, who had previously raced in Formula One.
Explains David Hampson of GoIndustry DoveBid Valuation Services: "GoIndustry DoveBid is pleased to announce that its UK Insolvency team has been instructed by Griffins, the administrator and Bridge Business Recovery, the liquidators, to market the assets of A1 GP. The sale includes more than 20 of the latest Ferrari engined single seat race cars (2008), 14 of the earlier Lola race car rolling chassis (2005) and all of the support equipment, including the Maserati Quattroporte Sport GT and Ferrari 599GTB track safety cars. Offers are currently being invited for the whole asset package, including the intellectual property rights to the A1 GP series logos and brands."
Adds Tim Bramston, a partner with Griffins, the administrator of A1 Grand Prix Operations Ltd: "We are delighted to be co-operating on this sale for the benefit of all of the creditors. We took the step of administration in order to re-unite the Ferrari powered cars with the intellectual property rights to use the brand. The vehicles have now been laid out for inspection in a single location and discussions are already underway with a number of interested parties. We are currently aiming to have a purchaser of A1 GP assets in place by the end of March."
Says Tony Murphy, a partner at Bridge Business Recovery, the liquidators of A1 GP's parent company, A1 Holdings Ltd: "The intention is to market the series as a complete package. We are highly confident that a buyer can be found for the combined pool of assets and with it the prospect of the A1 GP series returning to our TV screens at some point in the near future. Not only that but the purchaser will command the commercial benefits and prestige associated with running the 'World Cup of Motorsport' series."
-source: strand financial