Arrows calls in receivers

Arrows boss Tom Walkinshaw has made a final bid for his team's survival by calling in administrative receivers to take control

Arrows calls in receivers

It is hoped that top accountant and business advisor company PKF will be able to sell Arrows as a going concern and avoid the team's liquidation.

PKF's Philip Long and Brian Hamblin have been appointed to manage the affairs of the business and appease the team's creditors.

Long said: "There has been a lot of interest in Arrows. The global brand has an excellent pedigree with more than 25 years of racing experience and will generate a great deal of attention."

But the chances of Arrows remaining intact as a going concern are doubtful. The team has been denied its most valaubale asset - an entry to the 2003 Formula 1 world championship, a decision it hopes to overturn. Meanwhile, the remnants of the staff working at its Leafield base were laid off back in December.

The team is also facing a winding up order from its former driver Heinz-Harald Frentzen, who is claiming around £700,000 as unpaid salary.

Last year PKF acted as liquidators in the insolvency of Prost Grand Prix's UK interests. The French team failed to avoid liquidation after going into receivership.

A glimmer of hope for Arrows is the fact that around half of all administrative receiverships end in rescue of the whole or part of the business.

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