Arrows Team 'Doomed', Court Hears

The Arrows Formula One racing team are doomed "short of a miracle" and set to miss Sunday's British Grand Prix, the London High Court heard on Thursday.

Mr Justice Lightman said that the company was in "a dire financial position", and that if it missed a Grand Prix through insolvency it could lose the right to compete in Formula One.

Robin Potts QC, when asked by Mr Justice Lightman if the company was "finished", replied: "Short of a miracle. At the present time the prognosis is that the company is doomed."

He said it would have to go into liquidation or administration unless a miraculous source of funding helped it pay for new Cosworth engines to enable it to compete at Silverstone. The revelation followed a judgement by Mr Justice Lightman rejecting an application by Arrows to lift legal undertakings it made to a number of creditors.

If successful, Arrows had hoped to sell the rights to receive payments for racing in Formula One to Red Bull GmbH and Red Bull North America Inc. Team boss Tom Walkinshaw failed to turn up to the pre-event press conference and risks a potential fine or punishment from the Federation Internationale de l'Automobile.

The Arrows cars, which are not at Silverstone yet, must be at the circuit for scrutineering by 16.00 British time on Thursday to be permitted to compete in this weekend's race.