Arrows sign contract with German investors

The struggling Arrows F1 team has announced the signing of contracts with an unnamed German based investor. The speculation over the future of the team, which has been in financial difficulty, is still not resolved as the agreement is yet to be ...

The struggling Arrows F1 team has announced the signing of contracts with an unnamed German based investor. The speculation over the future of the team, which has been in financial difficulty, is still not resolved as the agreement is yet to be finalized.

A statement from the team issused today (11th November) read:

"Arrows has agreed and signed Contracts with German based investors for the introduction of substantial new equity into the Team. Until we reach Completion, the terms of the deal must remain confidential."

"However, in view of the various parties involved the process is taking some time to complete."

"There was a Court Hearing, adjourned in September, which was due to be heard this week. In light of this, Arrows has sought the protection of the Court in order to provide the time it needs to achieve Completion on the deal. A further statement will be issued at this time."

Arrows has still to pay off debtors and has only four days to register with the FIA for the 2003 Formula One World Championship. Should the team manage to meet the deadline, it still has to find an engine supply and drivers for next season.

Arrows ran Cosworth engines this year but still has outstanding debts to settle for the use of them. As for drivers, there has been no word if Enrique Bernoldi is still attached to the team but there are several drivers without a seat for next year. No further details are available at present but it seems that Arrows may yet make the grid in 2003.

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Series Formula 1
Drivers Enrique Bernoldi