Arrows Given Friday Deadline to Race at Silverstone

The troubled Arrows Formula One team must meet a Friday deadline or miss Sunday's British Grand Prix.

The sport's ruling body, the International Automobile Federation (FIA), said in a statement that Arrows had been granted an extension until 0900 GMT to present their cars for scrutineering at Silverstone. The first free practice session is at 1000 GMT.

The team missed the usual Thursday 1500 GMT deadline, with their cars still at the Leafield factory and garages shuttered as other teams presented their machines. The London High Court had heard earlier that Arrows were in "a dire financial position" and doomed "short of a miracle."

Arrows' lawyer said the team would have to go into liquidation or administration unless a miraculous source of funding helped pay for the team's new Cosworth engines to enable them to race at Silverstone.

Jaguar team boss Niki Lauda, who also oversees the Cosworth business, told Reuters that Arrows were two months behind in their payments and owed $4.7 million.

"We still wait for money," he said. "(Owner) Tom (Walkinshaw) always came up with the money late so far but it is now two months' payment and I can legally not wait any further."