F1 News:1999-10-03

HSBC Called into Arrows The Sunday Telegraph is reporting that HSBC Investment Bank has been called in to sell all or part of the Arrows Formula 1 team. The team has been approached by groups in Japan, America and in Europe. HSBC has been...

HSBC Called into Arrows

The Sunday Telegraph is reporting that HSBC Investment Bank has been called in to sell all or part of the Arrows Formula 1 team.

The team has been approached by groups in Japan, America and in Europe. HSBC has been asked to find a buyer for Prince Malik Ado Ibrahim's 25% stake in the team, the remained is split 50/25 between Morgan Grenfell and Tom Walkinshaw (or his TWR empire - the exact ownership is still unclear). Morgan Grenfell and Tom Walkinshaw would be ready to sell their stakes if a suitable bid arrived.

It has been said that a value of £100m has been put on the whole team, with the prime contenders being Zakspeed and Robin Herd who is believed to have funding from the Middle East.

Collins blasts Schumacher

Phil Collins, the doyene of Grand Prix drivers, has blasted Michael Schumacher. "When we met up at Hockenheim, we swapped numbers and so on and talked about meeting up, but after making a bit of effort all we got back was silence. Nothing at all. I was very surprised. OK, it could be shyness or it could be arrogance, which is something you probably need in this sport, but I don’t know. It is not the kind of behaviour which is normal in my nature or in my business."

He then went on to liken Schumacher to the band Oasis: "With Schumacher, it is a bit like Oasis, who are reasonably talented, when you behave like that, unfortunately, it defeats all the talent that you have got to show that kind of attitude. Of course, I don’t really know the guy, but that is the impression he gave me."

Petronas expands overseas

Malaysian oil company, and Sauber sponsor, Petronas has bought a major 25% stake in Premier Oil - a UK based company. This follows a recent purchase of South African oil company Engen. With Petronas continuing to look for opportunities abroad, the deal with Sauber looks likely to continue to increase their profile.

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About this article
Series Formula 1
Drivers Tom Walkinshaw
Teams Sauber , Team Zakspeed