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Make or break for Arrows today! [10 Sep 2002|12:24am]
[ mood | busy ]

The Arrows Grand Prix team must settle the deal with American multi-millionaire Carl Smith today, or face a compulsory winding-up order in the English courts on Tuesday. Arrows had pinned it's hopes on the deal with Smith in the week before Spa, but a deal still remains unfinished.

If tomorrow arrives and no deal has been sealed, an official receiver will be appointed to look into the company's affairs and will then decide whether or not the company can be saved or whether it should be liquidated. This receiver will run the company, trying to clear debts. The next step would be to call in a liquidator who will try to realise the assets of the company and pay off as many of the liabilities as is possible.

Arrows were ordered to explain their actions and reveal the financial goings-on to the FIA in a letter last week. The FIA received the letter late on Tuesday and are still reviewing the situation.

It is not clear whether or not the Arrows team will race at Monza this weekend, or who will be driving the cars.

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Arrows pay off a creditor [10 Sep 2002|10:46pm]
[ mood | blank ]

The Arrows team remain at their HQ in Leafield this morning, but have solved one of the problems that have plagued the team in recent months. Arrows face a court case today (Tuesday) at which a winding-up order will to be brought against the team, but Arrows is now believed to have paid one of its creditors.

Champion Recruitment has been paid together with costs, and have now been taken out of the equation, but Arrows still need to pay off several other creditors.

"The petitionary creditor has been paid but a lot of others are stacked up behind, wanting to step into their shoes," said John Alderton a partner with Hammond Suddards, the law firm representing Champion Recruitment, according to the BBC.

"The court will decide whether to allow that," he added.

Arrows' court case this morning is expected to be adjourned for one month to give the team time and to allow other creditors time to claim.

Arrows will need to leave for Monza within the next 24 hours if they are to race at all.

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Schumacher nearly quit F1 last September [10 Sep 2002|10:49pm]
[ mood | curious ]

Five Times champion Michael Schumacher was deeply affected by the events last September. Schumacher was distraught following both the events in New York City on September 11th, and then the horrific crash that Alessandro Zanardi lose both legs in a CART race in Germany.

Schumacher had told many that he did not want to race that weekend in Italy and now reveals how close he came to quitting the sport.

In an interview for Retequattro, to be broadcast this evening (Tuesday), the Ferrari ace revealed: "I certainly thought about it," he says, according to Gazzetta dello Sport. "It was a key period in my life with the attack on the Twin Towers and the dramatic injury to Alex.

"It was difficult to get back in the car and drive again as if nothing had happened. I didn't feel like it and I would have rather been anywhere else than driving. I felt like it was a bad sign to be driving at Monza after what had happened.

"I was very resistant but then I decided to get out on the track although my heart wasn't in it. I was there in the car but in reality I was somewhere else," adds the German.

Schumacher had attempted to stop drivers from overtaking at the first corners last season, desperate to prevent any injury or death (seen there in 2000).

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