Asset Trust & Partners Behind Arrows Buyout

German company Asset Trust & Partners has claimed to be negotiating a buyout deal with the Arrows Formula One team, according to the company's managing director Oliver Behring.

Behring claimed his company is dealing on behalf of German Grand Prix Racing to buy the debt-ridden Oxfordshire-based team. Arrows, who did not name the investor, said on Tuesday that the terms of the deal would remain confidential until completed.

An Arabian sheik is behind the Arrows buyout, said Behring, who added that the plan is to turn Arrows into a successful team - without the backing of a major manufacturer like Volkswagen or Audi.

"We have bought the majority of the Arrows shares to enter F1 and to have success in the sport," Behring told Sport1 in an interview today. "We are not planning to pass the licence on to Audi or Volkswagen. We have our own interest in turning Arrows into a winning team.

"The Arabs took over the majority of the team, but I'm still the managing director. The decisions are taken by me and not by the Arabs."

Arrows, who have to submit an application to compete in 2003 by Friday, said they are final discussions with the investors but that it would take some time for the deal to be completed. The team have to submit their entry for the 2003 Championship by next Friday.

The team's creditors, who include German driver Heinz-Harald Frentzen, have brought a winding-up petition against Arrows. The case was due to be heard in court this week, but Arrows today applied for administration and today's hearing was adjourned and the matters are to be heard on December at a court in Birmingham.

Arrows revealed its financial difficulties at the British Grand Prix in July and did not compete in the next five Grands Prix because of the problems.