Arrows GP sale stalls
The OrangeArrows F1 team was in Belgium - but only until Friday. On Wednesday, it had announced that it had an agreement in principle with an "American investor" willing to mount a rescue bid for its stricken holding company [Aug 29], and hoped to finalise the contract before the Friday track action at Spa-Francorchamps. It therefore dispatched its truck convoy to the track but, on Friday, it was ordered back to base in Leafield, UK
The company issued the following statement: "Arrows Grand Prix International confirms that the legal teams are still working through the detailed documentation that supports the sale of Arrows. Professional advisors on all sides have been working extremely hard all week to finalise the deal in time for this weekend. Unfortunately, due to the sheer amount of paperwork involved, the process cannot be completed by close of business today. Consequently the team has been advised to do nothing that could jeopardise the successful completion of the transaction, so will not race in Sunday's Belgian GP."
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