 Arrows Plan to Battle On Tuesday December 3rd, 2002
Their crucial takeover deal with German businessman Oliver Behring, of German Grand Prix Racing, is now in doubt after the FIA handed back their £200,000 entrance fee and banned them from competing next year. The team were told the news privately last Friday night and the FIA confirmed on Monday that, despite encouraging signs of a settlement for Arrows, the 2003 grid will contain just 20 cars. An insider working on the deal insisted that after battling so hard to find a saviour, the team should not yet be written off but that will mean a legal battle with the FIA. Daniele Audetto, commercial director of team owner Tom Walkinshaw's TWR Group and a former Ferrari boss, was quoted in Italy's Gazzetta dello Sport newspaper as saying an appeal was imminent. "We will appeal against the FIA's decision, we will ask for the intervention of the F1 commission," he said. Audetto said Arrows had paid some $300,000 to register their entry by the official deadline and were on the brink of being sold to German businessman Oliver Behring as the representative of a group of Arab investors. "It's true that they had not yet paid us but they were waiting to do so after the world championship entry had been confirmed," he said. Any team wishing to enter the series must pay a $48 million (dollar) bond, but the deadline for 2003 entrants has already passed and the sport's governing body have confirmed the entry list is final. Arrows missed five races this year but they were allowed to do so by pleading 'force majeur' - an acceptable excuse providing a team can prove they did not miss a race whilst insolvent. But the team was declared "financially doomed" by their lawyer in June and courted controversy throughout the second half of the season as an attempted take-over bid from an American consortium collapsed. It is understood that, considering the team's previous problems, the FIA is fearful of possible litigation if Arrows is allowed back in the championship next year.
Published at 08:54:00 GMT
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Arrows bosses have said today they will battle to secure the future of the cash-strapped team despite being denied entry to the 2003 Formula One World Championship.
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