Arrows Appoint Administrative Receivers

The moribund Arrows Formula One team have appointed administrative receivers to manage the company's affairs after being barred from this year's Championship.

Accountants and business advisers PKF said in a statement today that they would be seeking to "maximise realisations for creditors."

"There has been a lot of interest in Arrows," receiver Philip Long was quoted as saying. "The global brand has an excellent pedigree with more than 25 years of racing experience and will generate a great deal of attention."

The British team laid off their remaining staff in December after they failed to sell the team to a Germany-based group of investors. They missed five of last season's 17 races and also deliberately failed to qualify in France.

As well as losing their right to compete in the World Championship, Arrows had no engine deal in place for 2003 and no drivers or title sponsor.

Arrows, who face a winding up petition brought by their former driver Heinz-Harald Frentzen, are also involved in High Court action brought by Morgan Grenfell over financial guarantees and the bank's substantial investment.

PKF also acted as liquidators for the British interests of the failed Prost Formula One team last year.

Administrative receivers normally have the powers to decide whether to continue trading with the company or to try to achieve a sale as a going concern.