Grapevine: New Team Hold Crunch Formula One Talks

The Phoenix Finance consortium on Friday held crunch talks over the new team's participation at next weekend's Malaysian Grand Prix.

The group, headed by British businessman Charles Nickerson, is pushing ahead with plans to race at Sepang but time is running out to transport the team's cars to Malaysia.

"These talks will make a big difference as to what happens and when it happens," revealed a source at Nickerson's company headquarters. "We are all working hard and this is a very real proposition. It is very exciting and fingers crossed things will happen next week."

Nickerson controversially bought the right to race in Formula One from Prost Grand Prix for a knockdown price of less than £2 million eight days ago. Arrows boss Tom Walkinshaw's TWR company will provide the engineering experience, but they are remaining tight-lipped over the current situation.

But Nickerson's cars will have to be sent to Malaysia on Saturday if they are to race at the next Grand Prix. FIA boss Max Mosley has said the team cannot race, but it is believed that the squad is in talks with the sport's governing body.

A spokesperson for the FIA was unavailable for comment.