Arrows to miss Hungarian Grand Prix

A statement from the team read: "Arrows Grand Prix International today confirms that it remains in detailed discussions with potential investors. In the light of this, Arrows has been advised to do nothing that could interfere with these discussions and that the OrangeArrows team should not compete in the Hungarian Grand Prix this weekend."

The team's transporters left Arrows' Leafield base to travel across Europe to Budapest, but they were ordered to turn back having already crossed the English channel. They were spotted returning to base on the M25 earlier today.

The team may face a hefty fine for missing the race from motorsport's governing body, the FIA. There could be further penalties imposed on the team within the Concorde Agreement.

Team boss Tom Walkinshaw has been in talks with former British American Racing chief Craig Pollock to buy the team. Pollock has backing from the US.

The negotiations were held under 'due diligence', a lengthy process where accountants study the value of a company that is up for sale. It has been claimed that sticking points in this process held up agreements between the parties.

The Arrows no-show reduces the field for this weekend's race to just 20 cars.