Monday November 11th, 2002

The cash-strapped Arrows team have been bought out by the German Grand Prix Racing company, according to a report by the German DPA news agency.

Arrows have until next Friday to secure their future and submit an application to compete in the 2003 World Championship to the sport's governing body the FIA. DPA reported that the deal was completed on October 31 and German Grand Prix Racing are now the majority shareholders in the Oxfordshire-based team.

No official announcement has been made by Arrows, although sources close to the team admitted last week that they were nearing a deal to secure the future of the outfit. Sources at Arrows, however, said today that they were no closer to revealing the future of the team.

Arrows missed most of the second part of the 2002 season because of mounting debts and were prevented from bringing investors on board because of an injunction from major shareholders Morgan Grenfell.

Published at 14:59:58 GMT

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