Arrows have confirmed they will not be attending the Hungary Grand Prix.
From www.dailyf1.com
Arrows Grand Prix International today confirmed that they wont race in Hungary next weekend, because it remains in detailed discussions with potential investors. Therefore, Arrows has been advised that the team should not compete in the Hungarian Grand Prix.
It appears that Arrows officials, under major pressure from its legal dispute with Morgan Grenfell, have decided to face a non-appearance fine from the FIA in favour of competing. The penalty could be as much as $800,000.
The team has been under mounting pressure recently due to the Morgan Grenfell issue. There are a range of serious problems relating to former team sponsors associated with the case that are taking time to work through and are preventing a solution from being found. The problem is also preventing Craig Pollock from buying into the team - the former BAR boss is ready to pour significant equity into the stable but under court law, cannot until Arrows settles with MGPE.
Added to that, Arrows engine supplier Cosworth will be demanding a scheduled million-dollar lease payment this week and officials are still to name a replacement for Germany's Heinz-Harald Frentzen, who walked out on the team last week because he was concerned about its stability.
Jos Verstappen was thought to have been the main man for the job this week after Sebastien Bourdais was advised to concentrate on winning the F3000 Championship, but he is also in a legal dispute with the team over contractual breach from the start of the year.
From www.dailyf1.com
Arrows Grand Prix International today confirmed that they wont race in Hungary next weekend, because it remains in detailed discussions with potential investors. Therefore, Arrows has been advised that the team should not compete in the Hungarian Grand Prix.
It appears that Arrows officials, under major pressure from its legal dispute with Morgan Grenfell, have decided to face a non-appearance fine from the FIA in favour of competing. The penalty could be as much as $800,000.
The team has been under mounting pressure recently due to the Morgan Grenfell issue. There are a range of serious problems relating to former team sponsors associated with the case that are taking time to work through and are preventing a solution from being found. The problem is also preventing Craig Pollock from buying into the team - the former BAR boss is ready to pour significant equity into the stable but under court law, cannot until Arrows settles with MGPE.
Added to that, Arrows engine supplier Cosworth will be demanding a scheduled million-dollar lease payment this week and officials are still to name a replacement for Germany's Heinz-Harald Frentzen, who walked out on the team last week because he was concerned about its stability.
Jos Verstappen was thought to have been the main man for the job this week after Sebastien Bourdais was advised to concentrate on winning the F3000 Championship, but he is also in a legal dispute with the team over contractual breach from the start of the year.
