Arrows Find Investor, Travel to Belgium (Updated)

Arrows headed for the Belgian Grand Prix on Wednesday after a mystery American investor agreed to keep the financially struggling Formula One team on the road.

"Arrows Grand Prix International announced today that the team has been sent to Spa," a team statement said. "Heads of Agreement have been signed regarding the purchase of the team by an American investor. We hope for the deal to be completed by Friday."

An Arrows spokeswoman, travelling to Belgium, could not provide further details of the purchaser or say whether former British American Racing (BAR) principal and shareholder Craig Pollock was involved. Pollock, who is also manager to Canadian Jacques Villeneuve, has said he has backing from two California-based businessmen and has been in talks with the British-based team for some time.

Arrows had been unable to bring new investors into the team since a London High Court injunction from major shareholders Morgan Grenfell Private Equity in July barred the sale of key assets without Morgan Grenfell's consent.

The team did not turn up at the last Hungarian Grand Prix, declaring force majeure or circumstances beyond their control, as a reason. They have also struggled at other rounds of the Championship and attended the French Grand Prix without competing in the race after missing free practice and deliberately failing to qualify.

Problems Ahead

In Britain last month, team boss Tom Walkinshaw had to dip into his own pockets at the last moment to pay for the Cosworth engines for the race. The deadline for teams to present their cars for scrutineering at Spa-Francorchamps is on Thursday afternoon and Arrows could still have several obstacles to overcome before they can race.

Jaguar team boss Niki Lauda, who oversees Ford-owned Cosworth, said in Hungary that Arrows had not paid for their engines for that race. The deadline for payment for Spa was Wednesday noon. Arrows also have only one driver at present, Brazilian Enrique Bernoldi, after Germany's Heinz-Harald Frentzen was released. He is joining Sauber in 2003.

Spokeswoman Lindsay Morle said Arrows would have two drivers in Spa but details had still to be finalised. Arrows are also due to face further legal action in London next month and it was not clear how the change of ownership might affect that.

Huub Rothengatter, manager to former Arrows driver Jos Verstappen, confirmed on Wednesday that the Dutchman had joined forces with "another party" in seeking to wind up the team to secure money owing. That hearing is scheduled for September 10.

He told Reuters that Arrows owed Verstappen, sacked abruptly a month before the start of the season despite having a contract for 2002, a 'substantial' amount. Arrows are last in the standings with two points and could also still face a sanction for missing the Hungarian race.