Arrows back from the brink

Speaking at a hastily convened press conference this morning Walkinshaw was unable to confirm that the team will not face a similar situation next time out at Magny-Cours, but was bullish over Arrows' prospects for survival.

"We are currently negotiating with three different parties interested in acquiring the team as a whole or part of it," he said. "I'm optimistic that the future for Arrows is secure, whether I'm part of it or not I'm not sure."

The team's problems were caused by an injunction placed by investment bank Morgan Grenfell, which prevented Arrows from allowing new investors to purchase a stake in the racing outfit. Walkinshaw explained that the situation started a year ago when Coral Eurobet, which is owned by Morgan Grenfell, failed to pay its sponsorship money to the team.

Despite Arrows finding interested parties in the spring, Morgan Grenfell waited until last week to make the injunction, and this has angered Walkinshaw.

"I think Arrows will complete the season," he said. "Common sense should prevail. You can't have injunctions that bleeds a company dry for a long period of time."