Thursday November 7th, 2002

Sources close to the dormant Arrows team revealed today that ongoing negotiations to secure a rescue deal are "getting close" to a successful conclusion.

The team have not yet submitted their entry for a place in the 2003 World Championship and have just nine days before the deadline. But they are now in crucial negotiations with a German company called Asset Trust and Partners.

It is understood the sport's governing body, the FIA, could deny Arrows their place on the grid because their failure to attend five Grands Prix this year could count against a new owner's bid to resurrect the team.

The team revealed their financial struggles at the British Grand Prix in July and appeared sporadically in the remaining races of the season as team boss Tom Walkinshaw fought so secure a take-over deal.

The team's staff have not been paid since they were told not to come to the factory towards the end of the season but it is understood that they have been told to expect a turn-around in the next week.

Published at 17:16:05 GMT

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