Arrows given High Court lifeline

Arrows has been given a 28-day reprieve by the British High Court in its fight to stop the Formula 1 team going out of business

Arrows given High Court lifeline

The case against the outfit from a list of creditors that looked set to put it out of business was adjourned today (Tuesday) after one, Champion Recruitment Ltd, was paid.

An Arrows statement read: "The High Court in Leeds today agreed to postpone any hearing regarding the future of Arrows for 28 days.

"Arrows is delighted that its creditors and the Court have given the company a chance to secure the best possible future and the company remains committed to achieving this."

The sale of the team has yet to be finalised, despite the team announcing before the Belgian Grand Prix that an agreement had been reached with an "American investor", believed to be industrialist Cal Smith. When the deal was not completed by the end of Friday of the Spa weekend, the team pulled out of competing at the race.

The statement continued: "The process of selling the team is ongoing and that is where all efforts will continue to be concentrated at this time. Arrows will make further statements as and when news is available."

Former Arrows driver Heinz-Harald Frentzen was revealed as one of the creditors awaiting payment.

The team is thought unlikely to race at this weekend's Italian Grand Prix.

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