Arrows trucks leave for France

Investment bank Morgan Grenfell, which owns 70 percent if the team, has yet to lift the injunction which prevents Arrows from obtaining new investment through the sale of equity, which it won in the High Court a fortnight ago. Red Bull is known to be keen on buying into the team, but no sale can take place until Morgan Grenfell relaxes its position.

"We have new investors waiting to step in and secure our future, but we still have to come to agreement with existing shareholders", said Walkinshaw. "Negotiations are detailed and complex but we don't intend to give up. We need more time.

"We want to do a deal that will satisfy everyone concerned. We are still in discussions with all parties and are now moving into the time-consuming due diligence process with some of the potential investors.

"I have instructed the team to despatch the cars and transporters to Magny-Cours this evening and we will do all in our power to compete at the weekend. We'll keep on trying and hope that common sense and responsibility prevail."

If Arrows fails to pay Cosworth the money it is owed, the team will face the prospect of having to miss the race, which will incur a 330,000 (pounds sterling) fine and the possibility of further sanctions from the sport's governing body, the FIA.