Arrows appoint receivers

An accountancy and business advisory company has been appointed to assist the beleaguered Arrows F1 team sort out its financial difficulties. UK based PKF, which also was involved in the liquidation of Prost, is hoping to find investors for Arrows.

An accountancy and business advisory company has been appointed to assist the beleaguered Arrows F1 team sort out its financial difficulties. UK based PKF, which also was involved in the liquidation of Prost, is hoping to find investors for Arrows. Phillip Long, a company spokesman, believes the team can still attract financial backing: "The global brand has an excellent pedigree with more than 25 years of racing experience and will generate a great deal of attention," he explained.

Arrows had announced a deal with a German based investment company, headed by Oliver Behring's German Grand Prix Racing, but the deal collapsed when Arrows was refused entry to the 2003 Formula One Championship by the FIA. Behring's involvement was dependent on Arrows having its entry accepted and since the FIA's refusal, the reported deal was called off.

There has been no official comment from Arrows for some time and team staff were made redundant at the end of 2002. Former Arrows drivers Jos Verstappen and Heinz-Harald Frentzen, along with engine supplier Cosworth are seeking damages from the team.

PKF states that it is dedicated to sorting out a company's financial difficulties and with Arrows it would appear a lot of dedication is needed. Tom Walkinshaw Racing (TWR), the team's parent company, also made staff redundancies recently, although it was denied that the cuts were in relation to the Arrows' crisis.

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Series Formula 1
Drivers Jos Verstappen , Heinz-Harald Frentzen , Tom Walkinshaw