Arrows F1 convoy heads to Magny-Cours
The Orange Arrows F1 team directed its truck convoy towards Magny-Cours yesterday evening but it was still not certain that it could actually participate in the weekend's French GP meeting. The stricken company's future still hung in the balance as it continued to negotiate with its shareholders (including Morgan Grenfell) and several potential investors (including Red Bull). Arrows must make a payment of $1.5m to Cosworth Racing for its engines today
"We have new investors waiting to step in and secure our future, but we still have to come to agreement with existing shareholders", commented Arrows principal Tom Walkinshaw. "The 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're 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'll do all in our power to compete at the weekend."
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